Mumbai based after-sales services startup Onsitego has raised $10 million from IFC (International Finance Corporation) in an extension to its Series B investment, closing the round at $30 million. The first tranche of $19 million was raised in the month of February this year. The first part of the round was led by Zodius with participation from existing investor Accel Partners.
The company said in a statement that it will utilize the fund for consolidating its market position in the after-sales services industry and strengthening its Business-to-Consumer offerings like Annual maintenance contract (AMC), home protection and on-demand services.
“International Finance Corporation brings in a powerful global footprint and expertise of investments in fintech which is valuable as we scale our business by expanding new business lines like Annual Maintenance Contracts, doorstep repair services, home warranty, new distribution channels and in other emerging markets,” said Kunal Mahipal, Founder and CEO, Onsitego.
Jun Zhang who is IFC’s Country Head for India said in a statement: “India is one of the largest and fastest growing Appliances and Consumer Electronics markets across the globe and the ACE protection market is notably underdeveloped. There is a clear need for innovative and customer-service-focused players like Onsitego to drive growth in this market.”
Avendus Capital acted as an exclusive financial advisor to Onsitego for this transaction.