Onsitego is a platform that offers hassle-free consumer electronics and appliance after-sales services. The company provides services across India, with regional offices in major cities. Extended Warranty, AMC (Annual Maintenance Contract), Screen Protection, and Spills & Drops Protection Plans are the company’s hallmark offerings. Let’s take a look at Onsitego’s journey, including its company profile, how it works, founder, Funding, revenue, business model, and more.
Fun Fact - OnsiteGo has also partnered with leading consumer finance providers such as ICICI, Axis, HDB, and Kotak Mahindra.
Onsitego Start-up – Offering Appliance After Sales Service
Onsitego, formerly known as Onsite electrical services private limited, offers convenient after-sales services for consumer electronics and appliances. Extended Warranty, Spills & Drops Protection, and Screen Protection Plan are the three options available. The office is in Mumbai, Maharashtra.
Onsitego – Key Highlights
- Founders - Kunal Mahipal
- Headquarter – Mumbai, Maharashtra, India
- Founded – 2010
- Total Funding - $32 million
- Revenue - INR 600 Crore (2020)
- Parent Organization - Onsite Electro Services Pvt Ltd
- Website – www.onsitego.com
Onsitego Start-up – Services Offered
- Plan with an Extended Warranty The flagship product is the Onsitego warranty. It guarantees that customers may keep their electronic items in like-new condition even after the manufacturer’s warranty has expired. In addition, the extended warranty is also available to customers.
- The Spills & Drops Protection Plan Spills & Drops Protection Plan is a service that protects you from spills and drops. It is exclusively available for mobile phones, tablets, laptops, and digital cameras, and it covers all physical and liquid damage not covered by the manufacturer’s guarantee.
Note - In addition, the Onsitego electro services plan ensures that the platform will take care of any damage to your equipment within the first 12 months of ownership.
- The Plan for Screen Protection The platform’s screen protection plan only covers damage to the phone or tablet’s screen. Of course, any damage to the screen might make life difficult, but this plan ensures that clients receive protection for the most vulnerable portion of the device at a lower cost.
Onsitego Founder – Kunal Mahipal
Kunal Bahl founded the OnsiteGo start-up in Mumbai, Maharashtra, in 2010. He holds a post-graduate diploma in business from IIM, Bangalore and has worked for companies such as Edelweiss Capital, Citibank, and others before launching the app. Their team is a terrific mix of individuals who are passionate about the Customer Experience.
Onsitego – Brand Tagline and Logo
- Tagline - Onsitego’s motto is “Good Things Last Longer with Onsitego.”
- Logo – Onsitego’s logo encapsulates Onsitego’s complete proposition. It is in beautiful bottle-green and orange colour that distinguishes it from every other company’s logo.
Onsitego Startup – Investors and Funding
To date, Onsitego has raised $32 million in investment. The company’s financing details are listed below:
|2015||Accel Partners||Series A||$2 Million|
|February 2020||Zodius Growth Fund||Series B||$20 Million|
|September 2020||IFC||Series B||$10 Million|
Onsitego Start-up Revenue Model – Collaborating with Retailers
Onsitego’s business approach focused on collaborating with India’s biggest retailers, marketplaces, and consumer finance institutions to provide extended warranties, annual maintenance contracts, and damage protection plans for electronics and appliances. Its replacement policy, screen protection plan, and tracking are just a few popular revenue-generating offerings. Customers can also purchase the programs directly from the company’s website.
Onsitego - Target Market Size
Onsitego’s goal market share, including device protection, is roughly 23%. The market for consumer device protection got expected to be worth $ 1.1 billion. By FY24, the total market for after-sales services got estimated to be over $5.3 billion.
Revenue Data – Onsitego Start-up’s revenue got expected to expand eight-fold in the next four years. Hitting INR 600 crore by 2020, INR 1,200 crore the following year, and INR 2,400 crore the following year founder-entrepreneur.
Onsitego - Start-up Challenges
Some of the challenges of the company are as follows:
- An issue in the retail industry: The problem has constantly raised awareness of essential services and their influence on a business owner’s bottom line in the retail sector.
- Difficulty in Showing Services: The team had to put in a lot of effort to show how their services are a win-win for everyone involved.
Onsitego Start-up – Financial Numbers
- In India, there are 6 million customers.
- Every month, 1.2 lakh new customers are added.
- In FY19-20, the company is aiming for a revenue of INR 340 crores.
- Croma, Vijay Sales, and Amazon India collaborated on this project.
- Regional speciality retailers such as Sanket, Great Eastern, and Value Plus also carry it.
Onsite Start-up - Future Plans
Some of the plans of the company are as follows:
- Launch a new onsite electro services business line to satisfy the demands of customers who may or may not have Onsitego’s products but can benefit from repair services for a nominal price.
- Customers who use other loans, such as debit and credit cards, will be covered by the corporation.
- In terms of NPS, it has the most outstanding customer satisfaction / NPS scores in the category internationally.
- The firm also intends to go public in the next three to four years.