OneAssist raises funding of $7.5 million from Assurant Solutions and other PE investors. The company is an assistance platform for daily anxieties that affects our daily lives. OneAssist has developed product offerings across mobile, card and wallet protection and trip insurance coverage. Mumbai based OneAssist has partnered with several institutions such as ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank and Indusind Bank for their products. They have tied up with mobile retailers for mobile assist too.
OneAssist offers solutions to individual customers to assist and provides protection in cases of loss of critical items of life such as wallets, debit and credit cards and smartphones. The company has broadly classified their product range as MobileAssist, WalletAssist, EverydayAssist and TripAssist.
In MobileAssist, OneAssist will lock the lost phone and block the SIM to prevent misuse, with one call it blocks all debit and credit cards, OneAssist will provide doorstep delivery of a standby phone if it is lost or damaged. Under MobileAssist, smartphones are covered under insurance cover, cover against accidental and liquid damage. It also provides cashless repairs for damage claims, doorstep picks up and drop services along with anti-virus and anti-spam protection. MobileAssist offers three subscription plans for the customer to chose called Privilege+ Plan, Platinum Pro Plan and Value Insure.
Another product of OneAssist is WalletAssist, the company offers assistance to the subscriber when he calls and inform that his wallet has been misplaced or stolen. Under WalletAssist, one call will block all debit and credit card of all banks that a subscriber may have. OneAssist will provide fraud protection for 7 days prior to reporting a loss of wallet, the company will replace PAN and Driving License. If the subscriber is travelling, assists in hotel bill settlement and return ticket assistance. OneAssist provides the subscriber a virtual document locker to store all their personal and important documents. The company provides WalletAssist under two subscription plans namely Privilege Plan and Power Plan for which the cost varies from INR 1299 to 1799 for a year.
OneAssist offers TripAssist product where a subscriber can avail the services with one call from anywhere in the world to block all the debit cards and credit cards. He can block the SIM to avoid misuse, apart from this some features of WalletAssist has be combined in this product. Annual subscription for this product called Power Plan will cost INR 599.
OneAssist Consumer Solutions was founded in 2011 in Mumbai by Gagan Maini and Subrat Pani. Gagan Maini is a Bachelor of Arts from St. Xavier’s College, Mumbai in 1990 and went on to do his Masters of Arts in Economics from Delhi School of Economics in 1992. He has rich banking experience having worked in ABN Amro Bank and VISA International. He joined Subrat Pani to co-founded OneAssist in 2011.
Subrat Pani has deep understanding of retail banking and has an ability to create innovative products, services, and engagement programs. He is one of the payment industry change drivers. He is a Bachelor of Engineering in Electrical from National Institute of Technology, Rourkela in 1991 and did his Post Graduation Diploma in Marketing and Behavioral Sciences from Indian Institute of Management, Calcutta in 1995.
In 1999, Subrat became Regional Business Head – East for GE – SBI. He worked with the company for almost 3.2 years and became Head – Marketing for ICICI Bank. In ICICI Bank, he initiated several campaigns for fund mobilization and pioneered cash back programs for the first time in the country. After a stint of 5.2 years, he moved out and joined Kotak Mahindra Bank as Business Head – Credit Cards in 2007. He was instrumental in setting up credit card business for Kotak. Subrat became instrumental in the launch of several payment products of Kotak such as P2P, Commercial Cards, Mobile commerce, e-commerce and emerging payment technologies. Under his leadership, Kotak won Product of the year in premium cards category in the year 2009. He worked with Kotak for 4 years and moved out of the company to co-found OneAssist Consumer Solutions.
The company has received 3 rounds of funding and Lightspeed Venture Partners is leading investor among them. OneAssist received two rounds of undisclosed funding in Aug 2011 and in Jun 2012 the company raised $3.5 million from Sequoia and Lightspeed. Yesterday they received Series ‘B’ funding of $7.5 million from Assurant Solutions, Lightspeed Venture, and Sequoia Capital.
Assurant Inc., a fortune 500 company operates in 20+ locations in several countries has 80 million active insurance protection plans for electronics, appliance, jewellery, vehicle, smartphones and payments too. With this funding, OneAssist can leverage the expertise of Assurant Inc to further develop product portfolio.
Speaking on the occasion Gagan Maini, co-founder of OneAssist said “With this partnership with Assurant Solutions, a global player in lifestyle protection, we hope to leverage some strategic products and initiatives that Assurant has in place globally.” He further added “Our aim is to be a market defining leader in assistance and protection in India by bringing innovative solutions using technology and offering stand-out customer experience. We will use the funds to build awareness for our products and expand our distribution across the spectrum.”
Lightspeed Advisory Services Managing Director Bejul Somaia said, “This new funding will be used by OneAssist to expand and deepen its distribution particularly in the online and digital areas as well as building category awareness for its existing and new products. It also plans to allocate significant investments to technology development.”
Sequoia Capital Managing Director Mohit Bhatnagar said, “We backed the founders when OneAssist was just a concept in their minds. Funding by a firm like Assurant validates the vision of our founders and the strength of the company’s technology and processes which help them assist hundreds of thousands of Indians when they need it most.”