After-sales services firm Onsitego has secured $19 million in a Series B funding round led by Zodius Growth Fund. Existing investors Accel India and Accel US also participated in the round.
With its $15 million investment in the company, Zodius has marked its first investment from its latest $200 million India Growth Fund.
The new investment round for Onsitego has come after a gap of five years. Previously, the company had raised $2 million from Accel in 2015.
The Mumbai-based company would be deploying the funds to primarily for expansion, branding and marketing efforts.
As the firm is also eyeing direct acquisition of consumers, a significant amount would also be utilized by the company towards building its brand and marketing, said an Economic Times report.
Founded by IIM-Bangalore alumnus Kunal Mahipal in 2010, Onsitego provides extended warranty of up to four years on technology products and repairs them in their 400-450 service centres across the country.
Additionally, the firm also offers installation services, device protection and on-demand services for consumer electronics on its platform. It includes cashless repairs of personal devices, gadgets, small and large home appliances such as air conditioner, mobile phone, tablet home theatre, gaming console, refrigerator, and smartwatches.
With more than 5 million customers, the company’s website claims to have covered over 300 brands in India so far.
It partners with retailers and service centers with the objective of improving the service that customers get post-sale and counts Amazon, Croma, Vijay Sales, ValuePlus, and HDB Financial Services among its major partners.
In September last year, the company was also in talks of launching an initial public offering (IPO) to foray into the business-to-consumer segment.