OneAssist, a Mumbai based startup that offers customers credit card and smartphone protection in case of loss or theft, has raised an amount of Rs 50 crore in a fresh round of funding from US based insurance services provider Assurant Inc and existing investors Lightspeed Venture Partners and Sequoia Capital India.
The raised funds will be used for marketing and building on its team force. The startup has plans of tying up with lenders such as Kotak Mahindra, IndusInd, HDFC Bank, ICICI Bank and Axis, and smartphone makers such as Micromax and Samsung to help further distribution of its products.
Founded in 2011 by former banking executives Gagan Maini and Subrat Pani, it stores specific information of registered consumers and blocks all transactions on their lost cards and phones up to seven days before loss or theft is reported in order to prevent misuse.
It had raised Rs 20 crore in a round of funding in 2012. the company claims that its subscriber base of 200,000 is increasing by three times every year, as reported by ET.
For smartphones the company offers services such as locking SIM cards and doorstep pickup and delivery in case of repairs to temporary replacement of handsets and insurance services. And for the bank cards, it blocks them in case the customers loses it. Along with that it also settles hotel bills and flight expenses if a member loses a wallet or purse while travelling.
The startup’s smartphone plans ranges between Rs 700 and Rs 4,500 a year and its bank card plans ranges from Rs 1,299 to Rs 1,799.
In general if one loses a bank card, they have to go through a tedious process of approaching the bank and sharing the details before they actually block the card, an idea like this might click with the credit/debit card users especially when the Government, financial institutions, payment companies etc are gunning for a cashless economy.