Insurance firm Assurant has contributed to a Rs 500m ($7.7m) series B round for India-based electronics security technology company OneAssist, the Economic Times reported on Wednesday.
Venture capital firms Lightspeed Venture Partners and Sequoia Capital India also took part in the round.
Founded in 2011, OneAssist stores the details about smartphones, debit and credit cards belonging to registered users, and blocks their use when they are lost or stolen.
OneAssist additionally offers a doorstep pickup, delivery and temporary replacement service for smartphones if they need to be repaired. It also covers hotel bills and airplane tickets if a debit or credit card is lost while a user is travelling.
The money will fund an increase in the company’s marketing efforts and an expansion of its team, as it targets the 300 million bank card holders and 150 million smartphone users in India.
Lightspeed and Sequoia provided $1.5m in series A funding for OneAssist in 2012, after Lightspeed had invested an undisclosed amount in the company the previous year.
Mohit Bhatnagar, managing director of Sequoia Capital, said: “Funding by a firm like Assurant validates the vision of our founders and the strength of the company’s technology and processes, which helps them assist hundreds of thousands of Indians when they need it most.”