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Sequoia leads $18m Series C for India's OneAssist

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Sequoia Capital India has led an $18 million Series C funding round for Mumbai-based payment security system company OneAssist.

Additional investors included existing backers Lightspeed Venture Partners and US insurance company Assurant as well as Moonstone Investments. The capital is expected to drive technology development and enter new markets.

“We are looking at getting into the services side for home appliances and white good,” OneAssist’s co-founder Gagan Maini said, according to The Economic Times. “We will look at working with leading OEMs [original equipment manufacturers] in the space going forward.”

Founded in 2011, OneAssist specializes in theft protection services for smart phones, bank card security coverage, and SIM card and driver license replacement. Products include 24-hour service apps known as Mobile Assist and Wallet Assist, as well as warranties for home appliances and personal electronics.

Sequoia and Lightspeed have backed the company since a $3.5 million Series A round in 2012, and also joined Assurant in a $7.5 million Series B in 2015. Other previous investors include Trifecta Capital Advisors, which made a commitment of undisclosed size last year via its debut fund. 

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