OneDios, an aggregator for customer service requests, on Thursday, said it has raised Rs 6 crore in a bridge round led by Inflection Point Ventures and incubator VCATs. The funds will be allocated towards onboarding retailers who sell branded/OEMs extended warranties instead of third-party extended warranties. Launched in 2019, OneDios helps users book a service or raise a complaint to any brand including LG, Voltas, Godrej, and more based on the product to be serviced or repaired such as AC, home appliances, desktop, laptop, air purifiers, etc.
The startup aims to deploy capital towards adding more retailers and enable warranty sales to all OEMs through its platform.
“We have started onboarding retailers to sell OEM extended warranties in Delhi, Haryana, Uttar Pradesh, and Maharashtra. Voltas, Daikin, and Bluestar Brand shops are our first target,” said Nitin Chawla, CEO and Co-Founder, Onedios.
The consumer electronics and household appliances segment witnessed remarkable sales, with over 1.3 billion units sold in 2022 alone, according to Statista. Projections suggest a 5.5 per cent compound annual growth rate (CAGR) from 2022 to 2027, indicating an estimated 5 billion existing units within the market.
“Considering the typical three-year lifespan of these products, an estimated 1.6 billion requests covering demos, installations, warranty registrations, and general services are directed to brands annually, primarily via call centres. Notably, the in-warranty request sector remains untapped, presenting a significant opportunity within the industry,” Onedios said.
“With ever evolving technology, customers seek for services at fingertips across segments from banking, shopping, healthcare and more. However few services have always been a little time consuming and one such is customer service of electronic products. OneDios bridges this gap with its unified platform through proprietary tech”, said Ankur Mittal, Co-Founder, Inflection Point Ventures.
Inflection Point Ventures is an angel investing platform with over 9,600 CXOs, HNIs, and professionals to invest in startups. The platform has announced the launch of a $50 million CAT 2 alternative investment fund, Physis Capital, to invest in pre-Series A to Series B growth-stage startups.