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OneAssist raises $18M from Assurant, Lightspeed and Sequoia

OneAssist, a company which allows users to insure their mobile wallets, credit cards and smartphones against loss or theft, has raised Rs 118 crore (~$18 million) in a Series C round, according to this Economic Times report.  The round saw participation from existing investors Sequoia Capital, Lightspeed Venture Partners, US based insurance provider Assurant and Moonstone Investments. MediaNama has emailed the company asking where it plans to deploy the fresh funds; we will update the story once we receive a response.

The company’s fresh fundraiser comes at a time when telecom companies like Airtel, Vodafone and mobile wallet companies like Paytm have started rolling out insurance options to its users.

Previous Funding

Till date, OneAssist has raised close to $30 million in 4 rounds, as per CrunchBase data. Its previous funding was in August 2015 when it raised $7.72 million from Assurant, Lightspeed and Sequoia. At that time, the company said it may venture into the online retail segment and claimed to have a subscriber base of 200,000. In June 2012, the company had raised $3.5 million from Sequoia and Lightspeed.

Partnership and products

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 and Rs 2500 per year.

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The MobileAssist plan lets users lock their lost phone, locate lost phone, raise an alarm, get notified of SIM change. It also provides pickup, repair and delivery services for damaged phones. The company has partnerships with private banks like Kotak Mahindra Bank, MakeMyTrip, Snapdeal, The Mobile Store, Spice Telecom, Axis Bank and ICICI Bank among others for insurance and warrants products. OneAssist also has a tie up with MakeMyTrip to provide insurance assistance and protection products to travellers.

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