Mumbai-based startup OneAssist, which provides assistance and protection services to customers for their wallets, cards, mobile phones and gadgets has raised $18 million in Series-C funding led by Sequoia Capital. Existing investors Lightspeed Venture Partners and Assurant Inc. and along with a new investor Moonstone Investments has also participated in this round. The round comes two years after the company last raised $7.5 million in its series-B round in August 2015.
OneAssist was founded by Gagan Maini and Subrat Pani in 2011. The startup provides protection against loss and theft of credit card and smartphone. It stores information of registered consumers and blocks all transactions on their lost cards and phones. Also, it can hold transactions up to seven days in order to prevent the misuse.
Commenting on the development Subrat Pani, co-founder & Director, OneAssist said, “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.”
With increasing penetration of smartphones, payment cards and payment mechanisms as well as new opportunities covering home appliances and gadgets, OneAssist will deploy the raised capital into new product categories to improve the customer experience.
The company also aims to expand its reach through key partnerships, in order to improve distribution and increase awareness of its products.
“Our vision for OneAssist is to build and lead the assistance and protection category by providing differentiated and very relevant services for today’s customers,” said Gagan Maini, Co-Founder and Director OneAssist.
The company has four flagship products which include, WalletAssist, MobileAssist, EverydayAssist and TripAssist. Through these offerings, the company blocks SIMs, payment cards, etc. and secures data through an app.