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OneAssist Raises $18 Million In Series C Funding From Sequoia, Others

The investment will be used to explore significant market opportunities in the categories it operates in as well as to develop new product segments.

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There is something significant about late-stage funding. It signifies maturity in the ecosystem and is of course a testimony to the fact that the startup is actually seeing some traction.

OneAssist Consumer Solutions, a company that provides assistance and protection services to customers in areas of high dependencies (like wallets & cards, mobile phones, and gadgets), on Friday (23 June) announced the closure of an $18 million Series C funding.

The investment round was led by existing investor Sequoia Capital with participation from other existing investors Lightspeed Venture Partners and Assurant along with a new investor Moonstone Investments.

“The investment positions OneAssist to grow the significant market opportunities in the categories it operates in as well as to develop new product segments,” the company said in a release.

Earlier, the company raised its Series A finance round from Lightspeed Venture Partners and Sequoia Capital. OneAssist closed its Series B financing round in July 2015 led by Assurant Solutions, along with Sequoia Capital and Lightspeed Venture Partners.

With increasing penetration of smartphones, payment cards and payment mechanisms as well as new opportunities covering home appliances and gadgets, the company aims to create and strategically build on the assistance and protection category in India.

With the Digital India revolution driving India, OneAssist plans to invest its capital in technology, service and innovative products while being focused at enhancing customer experience. The company aspires to expand its reach through key partnerships, improving distribution and by increasing awareness of its products.

“Our vision for OneAssist is to build and lead the assistance & protection category by providing differentiated and very relevant services for today’s customers. We will continue to invest in our current segments as well as explore more products that enable our customers to be in control of their everyday critical dependencies,” said Gagan Maini, co-founder and Director, OneAssist.