Zodius leads $19 million funding round in Onsitego

NEW DELHI: Zodius Growth Fund has led a $19 million (Rs 136 crore) funding round in Mumbai-based Onsitego, which provides extended warranty and device protection services to consumer durables.

In its maiden deal from the new fund, Zodius has put in about $15 million in the startup. Accel India, an existing backer of Onsitego, has also participated in this latest financing round, with Accel US too joining the company’s cap table.

“Onsitego is leveraging technology in a very efficient manner, not only in terms of data for the underwriting of warranties, but also their after-sales service that is provided to consumers. That process is broken, not only in India, but also globally… Moreover, the business has been built in a highly capital-efficient manner,” Shilpa Kulkarni, managing director, Zodius Growth Fund, told ET.