Sequoia Capital and Lightspeed Venture Partners-backed OneAssist Consumer Solutions announced that AmTrust Mobile Solution that operates under the brand name TechGuard will now become a subsidiary of the business through a merger.
Mumbai-based TechGuard was founded in 2016 and offers enterprise solutions like extended warranty, mobile protection, value-added services, and gadget protection. The transaction is subject to regulatory clearances.
OneAssist, also based out of Mumbai, is an online consumer assistance and protection platform that provides assistance services on loss of wallets, credit cards, offers extended warranty, repair and delivery services of home appliances, and mobile phone protection.
“This is a significant development for both OneAssist and TechGuard. We look forward to working together to expand the device protection market in India by growing our partner network, and delivering stronger assistance to customers across India,” Gagan Maini, co-founder of OneAssist, said.
This development will have no impact on TechGuard’s service to customers, and all its employees, partners and customers are expected to continue without disruption, a statement said.
“This is a wonderful opportunity to enhance our scale and reach across customer’s needs and requirements,” Subrat Pani, co-founder of OneAssist, said.
Sai Akhilesh, head of device protection at TechGuard, said, “We are excited to join the OneAssist team and will work together to provide even more value to customers and partners in India. Together, we will have the strength and scale to capture opportunities in this growing industry.”
OneAssist is backed by Sequoia Capital and Lightspeed Venture Partners. It last raised $9.03 million in funding at a post-money valuation of $165 million in early 2019.
Started in 2011 by Maini and Subrat Pani, OneAssist in that year saw Lightspeed Ventures and Sequoia Capital lead seed capital investments worth $3.8 million.
In 2016, Trifecta provided a debt funding of Rs 7 crore to OneAssist, according to VCCEdge, data intelligence platform. In June 2017, VCCircle reported that OneAssist was raising a Series C funding round from existing investors led by Sequoia Capital.
