OneAssist raises series B funding from Sequoia, Lightspeed and Assurant invest

Mumbai: OneAssist Consumer Solutions has raised $7.5 million in Series-B financing from Assurant, Inc, Sequoia Capital India and Lightspeed Venture Partners.

Founded in 2011 by Gagan Maini and Subrat Pani, it offers solutions to individual customers to assist and help protect in the event of the loss of critical ‘everyday’ products such as wallets, payment cards and smartphones. The company's offerings target over 300 million debit and credit card holders in the country as well as the rapidly growing base of more than 150 million smartphone users.

"Assurant Solutions is a global leader in lifestyle protection and through this partnership, we hope to leverage some strategic products and initiatives that Assurant has in place globally," said Gagan Maini, Co-Founder, OneAssist.

Over the last few years, OneAssist has created subscription based product offerings across mobile, card and wallet protection verticals. It partners with banks including- HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and IndusInd Bank for its WalletAssist product. It has partnered with mobile retailers, both offline and online to make its products available to their customers. It has a subscriber base of over 200,000 customers and is growing by 3x year-on-year.

The funding will be used by OneAssist to expand and deepen its distribution particularly in the online and digital areas as well as building category awareness for its existing and new products. It also plans to allocate significant investments to technology development.

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