OneAssist, a startup which helps users protect their wallets, credit cards and smartphones in case of loss or theft, has raised $7.72 million in funding from Assurant Inc and existing investors Lightspeed Venture Partners and Sequoia Capital, reports ET. It will use the funds for hiring and marketing. The company may venture into the online retail segment, as indicated in the ET report.
Previous Sequoia funding
OneAssist claims to have a subscriber base of 200,000, which it claims is increasing by threefold every year. The Mumbai based company was founded by Gagan Maini and Subrat Pani in 2011. In June 2012, the company had raised $3.5 million from Sequoia Capital and Lightspeed Venture Partners.
It partners with Kotak Mahindra Bank, MakeMyTrip, Snapdeal, The Mobile Store, Spice Telecom, Axis Bank and ICICI Bank among others. According to the company, 5-10% of phones sold get damaged, stolen or misplaced. According to the ET report, 20 million units were sold in India in the last quarter.
Core offerings: WalletAssist, MobileAssist, EverydayAssist and TripAssist
The WalletAssist plan claims that users can block their bank cards with a single call, same for SIM cards. It offers card fraud protection from 7 days before the loss is reported and claims to cover skimming, phishing along with online, ATM and PIN fraud. It also offers free replacement of the PAN card and driving license. These plans cost Rs 1,300 and Rs 1,800 per year.
The MobileAssist plan lets users call or lock their lost phone, block the SIM card, locate lost phone, raise an alarm, get notified on SIM change. It also apparently delivers a temporary phone in case the user’s phone is lost or damaged. It offers handset theft insurance for up to Rs 20,000-30,000, damage insurance for up to Rs 10,000-30,000, cashless repairs, pick up and drop of damaged and repaired phone, antivirus and anti spam features, online document locker among other features.
These plans cost Rs 800, Rs 1,600 and Rs 3,000 and support some versions of Android, Symbian and Blackberry. The EverydayAssist and TripAssist plans cost Rs 2,000 and Rs 2,800 and Rs 600 respectively, offering a similar range of services.
MakeMyTrip tie up
In 2013, MakeMyTrip had partnered with OneAssist to provide assistance and protection products to its customers. OneAssist said that MakeMyTrip would be offering its products while booking tickets or holiday packages from the website. The products would be initially available for international travelers, but the company claimed they’d be rolled out to domestic travelers as well.
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