After-sales services firm Onsitego has raised funding from World Bank’s International Finance Corporation (IFC) as part of its extended Series B round of funding.
The company has raised $30 million (Rs 220 crore) in total as part of this investment round, said Avendus Capital, which advised Onsitego on this transaction.
Onsitego will use the capital to consolidate its market position and boost its business-to-consumer (B2C) offerings.
In the first tranche of its Series B round, Onsitego had raised $19 million led by Avendus-sponsored Zodius Growth Fund in February this year. The transaction had marked Zodius Growth Fund’s maiden investment. Existing investor Accel had also participated in the round.
IFC had proposed in May to invest $10 million in Onsitego.
Onsitego, operated by Onsite Electro Services Pvt. Ltd, was founded in 2010 by Kunal Mahipal. It claims that over six million people have availed its services, and that it covers gadgets and appliances by over 300 brands available in the country.
IFC’s India bets
The proposed investment in Onsitego is the latest example of the World Bank Group member IFC’s commitment to India, which is its single-largest portfolio market.
Apart from its direct investments that involve both equity and debt funding, the institution also actively invests in private equity and venture capital funds as a Limited Partner (LP).
In March, it said it was planning to offer up to $54 million (around Rs 397 crore) in poultry group Suguna, to help fund its various projects.
In October last year, it said that it was planning to make an equity investment of up to $20 million (around Rs 141.82 crore) in the overseas unit of agricultural producer Maharashtra Hybrid Seed Company Ltd (Mahyco India).
Other companies it has announced plans to invest in include PE-backed Future Lifestyle Fashions and private-sector lender RBL Bank.
Its LP bet this year included investment in venture capital firm Endiya Partners' new fund and in a new private equity fund of India Alternatives.