After-sales services firm Onsitego has raised Rs 70 crore as a part of its extended Series B funding round from International Finance Corporation or IFC.
The Mumbai-based company had raised Rs 133 crore in the first tranche led by Zodius Capital with Rs 89 crore investment while early backer Accel Partners had poured in Rs 28 crore. Dalmia Family Trust had also joined the round with an investment of Rs 16 crore in the Mumbai based company, regulatory filings show.
With the fresh capital infusion, the Series B round now stands at $30 million, said the company in a press statement. It would utilize the proceeds for consolidating its position in the after-sales services industry and strengthening its B2C offerings like AMC, home protection and on-demand services.
As per Fintrackr estimates, Onesitego has been valued north of Rs 765 crore or $104 million after the closure of its Series B funding round. Post fresh allotment, founder Kunal Mahipal remains the largest shareholder controlling 35.7% stake followed by Accel Partners which holds around 18.35% stake in the company.
New investor IFC has acquired around 9.17% stake in the company while Zodius Capital and Sunil Khaitan control 11.66% and 9.95% stake in Onsitego respectively.
Founded a decade ago, Onsitego provides extended warranty of up to four years on technology products and repairs them in their 400-450 service centres across the country. Apart from offering installation services, device protection and on-demand services for consumer electronics on its platform, it also enables cashless repairs of personal devices, gadgets, small and large home appliances.
It partners with retailers and service centres 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. With more than 5 million customers, the company’s website claims to have covered over 300 brands in India so far.
Onsitego competes with Sequoia Capital and Lightspeed funded OneAssist, Syska Gadget Secure, ZurePro among several others.