Mumbai-based startup OneAssist has raised $18 Mn funding in Series C round from Sequoia Capital, Lightspeed Ventures, and New York-based insurance provider Assurant. New investor Moonstone Investments also participated in the round.
OneAssist was founded in 2011 by Gagan Maini and Subrat Pani. It offers credit card and smartphone protection in case of loss/theft. It stores information of registered consumers and blocks all transactions on their lost cards and phones. It can hold transactions up to seven days in order to prevent misuse of the card in case it is lost.
The company will use the newly raised funds for enhancing technology, service and focus on customer experience. The company aspires to expand its reach through key partnerships, improving distribution and by increasing awareness of its products.
“India is one of the fastest growing markets for smartphones, credit/debit card and home appliance and OneAssist is uniquely placed to tap the highly underpenetrated assistance and protection services market in India.” said Subrat Pani, co-founder & Director, OneAssist.
The company has four products, WalletAssist, MobileAssist, EverydayAssist, and TripAssist. It has tie-ups with HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank for its WalletAssist product. Apart from this, the startup has partnered with mobile retailers and original equipment manufacturers (OEMs) such as Xiaomi for MobileAssist services.
In 2015, the company raised about $7.72 Mn (INR 50 Cr.) in Series B round funding from insurance services provider Assurant Inc. Besides providing protection for credits/debit cards and mobile phones, OneAssist also provides protection for your ewallets and extended warranty for home appliances.
Other startups in this segment apart from OneAssist include Syska, Kount, Syncnscan, among others.