Zodius Growth Fund has participated in series B funding round for Onsitego, an extended warranty and device protection services provider. Zodius has led $19 million (INR 136 Crores) funding for Onsitego with existing investor Accel India also contributing.
In the digital services investment funding capacity, Zodius, by itself has invested $15 million in the Mumbai based startup. Zodius invests in several sectors such as healthcare, logistics, education, logistics, software, financial services, etc. Some of their investments include online grocery platform BigBasket, online furniture store Pepperfry and cloud kitchen FreshMenu.
Onsitego was founded in 2010 by IIM-Bangalore alumnus Kunal Mahipal with an aim to provide warranty extensions and device protection service to consumer durables. The company had raised $2 million in financing in 2015. Last September, they announced that the company’s revenue is expected to increase eightfold to Rs 2500 crores in the next four years.
Zodius’ funding will be used towards expanding its existing extended warranty product to annual maintenance contracts. They will be reaching out to their customers directly here on.
The managing director of Zodius Growth Fund, Shilpa Kulkarni said in a statement to a national daily, that Onsitego is leveraging technology in an efficient manner for even their after-sales services.
With Zodius’s $19 million (INR 136 Crores) funding, Onsitego will be Zodius’ first investment from its India Growth Fund of $200 million and this fund is mainly meant to focus on emerging new generation companies that have technology at the forefront and companies that are aiming for the next 100 million users.