Summary of Investment Information
ONSITE ELECTRO SERVICES (PVT) LTD
Date SPI Disclosed
May 21, 2020
Projected Board Date
Jun 19, 2020
Global Industry, Financial Markets
General Insurance (Non-Life)
IFC is considering an equity investment in Onsite Electro Services Pvt. Ltd. (“Onsitego” for short), a provider of extended warranty and after-sales services for appliances and consumer electronics (ACE). Onsitego has recently launched annual maintenance contract (AMC) services for appliances.
Project Sponsor and Major Shareholders of Project Company
Securities of Onsitego are held by the founder/CEO, Accel Partners (a global VC firm specializing in early-stage technology investments), Zodius Capital (an India-based mid-market, new-economy and digital-focused investment fund), angel investors and company employees.
Total Project Cost and Amount and Nature of IFC's Investment
The proposed equity investment is up to US$10 million in preferred shares.
Location of Project and Description of Site
Onsitego has its registered office in Kolkata, India and its corporate offices are in Mumbai, India. Onsitego has operations throughout India.
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