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Indian payments security start-up raises $7.5m Series B round

  • Holden Mann
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Indian online payment security system developer OneAssist has raised a $7.5 million Series B round led by US insurance firm Assurant, with participation by existing investors Sequoia Capital and Lightspeed Venture Partners.

OneAssist's service streamlines the process of handling lost and stolen mobile phones or wallets. Its software helps customers block SIM cards and payment apps, and secure the data on their phones. It can also help to report and replace stolen driver licenses, and provides theft and damage insurance.

According to a statement, the company will use the new funds to expand and deepen its distribution in the online and digital areas, further develop its technology, and build awareness of its products. It also plans to take advantage of Assurant's global network.

Assurant operates in 13 countries, and has 80 million active insurance plans. It offers insurance for electronics, appliances, jewelry, vehicles, mobile devices, and payments.

Sequoia and Lightspeed previously committed $3.5 million to OneAssist in 2012. Sequoia is currently investing out of its fourth India-focused fund, which closed last year at $530 million; Lightspeed has just reached a $135 million final close on its first India fund.

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