After-sales services firm Onsitego has picked up a 26% stake in electronics exchange platform Digi2L for an undisclosed sum, the company has said.
Digi2L, which competes with the likes of Cashify and Yaantra, aims to utilize the capital for expanding operations and scaling their tech platform across the country.
Founded in 2021 by Alok Mathur and Tarun Bhardwaj, Digi2L connects customers and vendors to provide hassle-free experience of selling used appliances.
“We work on a fixed price model for our customers and resellers. The reseller gets the old appliance delivered at their doorstep. Hence, they save on logistics and warehousing expenses. Additionally, they do not have to buy in bulk, which gives them a higher RoI,” said Bhardwaj.
The startup said that each year approximately 6 crore large appliances including televisions are sold in India with a potential for exchange of only around 25% of this volume.
Onsitego, while explaining their rationale behind the investment, said that it will boost the brand’s positioning as a one-stop shop for their customers across the entire device life cycle.
Onsitego, operated by Onsite Electro Services Pvt. Ltd, was founded in 2010 by Kunal Mahipal.
It provides brand warranty and installation services, protection plans like extended warranty and damage protection, annual maintenance and home warranty plans, and on-demand repair services.
Besides Accel, it is backed by the likes of IFC and Zodius and is present in over 170 cities and towns across India. The company has partnerships with large retail chains like Croma, Vijay Sales and Bajaj Electronics, as well as smaller retail outlets and online platforms like Amazon.
Onsitego's services are available through 10,000 partner stores, website and apps, and the company has over 80 lakh customers across the country.
The brand had last raised its equity round in 2020 when it secured a $30 million cheque from IFC and Avendus-sponsored Zodius Growth Fund.
