Sequoia Capital and Light Speed Venture Partners have invested $3.5 million in OneAssist Consumer Solutions, a start-up that offers personalised mobile & financial security and management solutions, under product names WalletAssist, MobileAssist, EverydayAssist and TripAssist. The news of the funding has been reported by Mint. We repeatedly contacted both Mohit Bhatnagar of Sequoia Capital and Dev Khare of LightSpeed Venture Partners last week, to confirm this development, but no response was forthcoming.
OneAssist was founded by Gagan Maini and Subrat Pani in 2011. While WalletAssist, TripAssist and EverydayAssist are subscription based services that offer fraud cover against credit/bank cards, replacement for identification documents in case of theft, emergency travel tickets, cash assistance, and other benefits, MobileAssist offers SIM and Phone blocking, automated back-ups of contacts, SMS, photos and videos, remote wipe, emergency messaging to friends and family, along with security features like firewall and anti-virus. All services also bundle 1 GB of free online storage space. All services come with different plans varying with the number of features.
The MobileAssist service is available under the Power plan for Rs 999 per year or the Privilege Plan for Rs 1,499 per year.
While a lot of these security features can be deployed through the use of a mix of free and paid software tools, and there are various online and offline services available, including the ones offered by handset makers and banks, features like lost SIM misuse and a temporary replacement handset make the service a useful proposition. However, since the service is subscription based, we’re not sure how many would pay an annual fee just to secure their mobile phones or wallets.