Assistance and protection service provider firm OneAssist has closed a deal of $18 million in its Series C round of funding. The investment round was led by company’s existing investor Sequoia Capital. Round also saw the participation of other existing investors such as Lightspeed Venture Partners and Assurant Inc. along with a new investor Moonstone Investments.
Founded in 2011 by Subrat Pani and Gagan Maini, OneAssist offers solutions to individual customers to assist and help protect data in the event of the loss of critical ‘everyday’ products such as wallets, payment cards, and smartphones.
On the investment, Gagan Maini, Co-Founder, and Director OneAssist said:
We are truly delighted and humbled with the support from our investors. Our vision for OneAssist is to build and lead the Assistance & Protection category by providing differentiated and very relevant services for today’s customers. We will continue to invest in our current segments as well as explore more products that enable our customers to be in control of their everyday critical dependencies
If a customer’s phone is lost or damaged, all the customer needs to do is call OneAssist and it will do everything from blocking their SIM to securing their data through an app (anti-virus, lock and wipe on one call), providing theft and damage insurance protection, including doorstep services to pick-up and repair the phone, giving a standby handset apart from other services related with the customer’s smartphone.
On the company, Subrat Pani, Co-Founder & Director, OneAssist, commented:
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
Further adding to that, he said:
As we sharpen focus for the next couple of years, we are excited to receive this investment into OneAssist from our existing and new investors to deliver on our strategy for providing innovative products and best in class services to Indian consumers
The company is in talks to invest its capital in technology, service and innovative products. They will also work in the domain of enhancing Customer Experience. Also, the company is looking to expand its reach through key partnerships, improving distribution and by increasing awareness of its products.
The new investment received by the company will help it to grow the significant market opportunities in the categories it operates in as well as develop new product segments.