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OneAssist secures $7.5 mn in Series B round from Assurant, Sequoia, Lightspeed Venture

Mumbai-based OneAssist
Consumer Solutions, a startup which offers protection to customers if their
mobile phones and cards are stolen or damaged, has raised $7.5 million in
Series B funding from US-based insurer Assurant.

Mumbai-based OneAssist
Consumer Solutions, a startup which offers protection to customers if their
mobile phones and cards are stolen or damaged, has raised $7.5 million in
Series B funding from US-based insurer Assurant.

According to a
Times of India report, existing investors, Sequoia Capital India and Lightspeed
Venture Partners, also participated in the round.

OneAssist blocks a SIM card if a customer reports a theft of his mobile phone
and also keeps his data secure through an app. It provides theft and damage
insurance protection, and also helps if credit and debit cards are stolen.

Founded in 2011 by Gagan Maini and Subrat Pani, OneAssist is looking to boost its
presence among the growing number of people in India, who use plastic cards and
smartphones. The company claims it has a customer base of more than 200,000 and
is growing three times per year. 

“We are
extremely pleased and excited to have Assurant Solutions invest in our next
phase of growth along with our existing investors,” OneAssist co-founder Gagan
Maini, told the Times of India.

The funding, which is Assurant’s first investment in India, will be to expand
distribution in the online and digital areas as well as building category
awareness for the existing and new products. OneAssist also plans to develop
its technology. 

In 2012, OneAssist raised $3.5 million from Sequoia and Lightspeed. It has tied
up with HDFC Bank, ICICI Bank and Axis Bank among others for its WalletAssist
product, which provides cover against credit and debit card fraud.

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