Startup City Magazine

OneAssist Raises Rs.50 Crore in Fresh Funding from Assurant, Inc.

Bengaluru: Mumbai-based customer credit card and Smartphone protection startup, OneAssist raises Rs.50 crore in a fresh funding round from New York-based insurance provider Assurant, Inc. The funding round also saw the participation from its existing investors Lightspeed Venture Partners and Sequoia Capital India.  The company had already raised Rs.20 crore from its existing investors in June 2012.

As per the report, the new funding will be utilized to improve its marketing craftsmanship and enlarge its team force. The firm also aims to target of about 300 million debit and credit card holders and 150 million Smartphone users in India.

Founded in 2011 by ex-banking executives – Gagan Maini and Subrat Pani, OneAssist is one-call solution to protect the Credit card, Debit cards, Mobile against loss, theft and frauds.  In terms of Smartphone, the company offers various services, including repairing handsets, locking SIM cards and many more. It also offers insurance services and temporary replacement of mobile phones. The company also provides hotel bills and flight payment if a member loses a wallet while travelling, while it also blocks bank cards, if it’s lost by the client.

Today, the firm claims to have about two lakh subscribers with almost 30 percent year-over-year growth. Expanding its reach, the startup plans to tie-up with companies, such as Kotak Mahindra, HDFC Bank, IndusInd, ICICI and Axis Bank, and Smartphone makers including Micromax and Samsung to help further distribution of its products.

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