OneAssist Consumer Solutions Pvt. Ltd, which provides protection for credit card, smartphones and payment cards in case of loss or theft, has raised an undisclosed amount from venture-debt provider Trifecta Capital.
The transaction was routed through Trifecta Venture Debt Fund, a $48 million fund managed by Trifecta Capital Advisors LLP, according to VCCEdge, the data research platform of VCCircle, based on filings with the Registrar of Companies (ROC).
OneAssist and Trifecta didn’t respond to email queries seeking details of the transaction. Trifecta normally invests between $0.8 million and $4 million in its portfolio companies.
Founded in 2011, by Gagan Maini and Subrat Pani, OneAssist offers solutions to individual customers in the event of the loss of critical ‘everyday’ products such as wallets, payment cards and smartphones. The company’s offerings target over 300 million debit and credit card holders in the country as well as the growing base of over 150 million smartphone users.
OneAssist offers several products such as WalletAssist, MobileAssist, EverydayAssist and TripAssist. The firm claims to have partnerships with HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and IndusInd Bank for WalletAssist, which provides cover against credit and debit card fraud.
Its other product, 'MobileAssist' helps customer block their SIM and secure their data through an app in the event of a loss or theft of their smartphone. It also provides theft and damage insurance protection, including doorstep services to pick up and repair the phone.
Through its TripAssist, the company fixes issues such as emergency hotel bill settlement and assistance for lost passport besides arranging foreign language interpreter. It also provides a service called Docusafe, an e-locker that can store all your personal data and documents.
OneAssist has partnered with top mobile retailers and original equipment makers to make its products available to customers.
The company had last year raised $7.5 million in Series B financing led by New York-based Assurant Inc. Its existing investors Sequoia Capital India and Lightspeed Venture Partners, which had backed the company in 2012, also participated in that round.
Delhi-based Trifecta Capital provides early-stage debt capital to Indian companies, mainly in the technology sector. It usually prices its debt at 15-17%. The firm also looks to acquire a stake in companies through cashless warrants or partly paid-up shares.
Trifecta Venture Debt Fund, which seeks to invest in technology, e-commerce, cloud, internet-of-things, consumer and healthcare domains, had made the first close of its maiden fund at around Rs 200 crore (approximately $30 million then). It is now eyeing a total corpus of $75 million.
Trifecta had initially sought to raise Rs 300 crore and later raised this to Rs 400 crore as it brought in IPO-bound RBL Bank (Ratnakar Bank) as an anchor investor with a Rs 50 crore commitment. It further raised capital from Eicher Motors Ltd and Havells India Ltd.
The venture-debt provider had earlier this year backed Industrybuying.com, an online B2B marketplace for industrial goods. According to VCCEdge, the firm has invested in four more companies—Emtex Engineering, Nephrocare Health Services, Coraza Technologies and Trucksfirst Services.
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