Onsitego Raises Capital From IFC, Extends Series B Round To $30 Million

Published on 23rd Sept, 2020 | 1 min read

New Delhi: Onsitego, a Mumbai-based after-sales services startup, has raised capital from IFC in an extension to its Series B investment round, closing it at $30 million. The fund will be utilized for consolidating its market position in the after-sales services industry, and strengthening its consumer offerings like annual maintenance contract, home protection and on-demand services, the company said in a statement. “IFC brings in a strong global footprint and expertise of investments in fintech which is valuable as we scale our business by expanding new business lines like AMCs, home warranty, doorstep repair services, new distribution channels and in other emerging markets,” said Kunal Mahipal, founder and CEO, Onsitego. Onsitego aims to plugs these gaps with its focus on customer service by leveraging a pan-India network of brand-authorized service centers with its technology platform and direct integrations with distribution and service partners. “India is one of the largest and fastest growing appliances and consumer electronics markets globally and the ACE protection market is significantly underdeveloped. There is a clear market need for innovative and customer-service-focused players like Onsitego to drive growth in this market,” said Jun Zhang, country head India, IFC. Zhang further added that they would support Onsitego in its growth journey by sharing their experience from emerging markets in disruptive technology and fintech.