Europ Assistance invests Rs 50 crores in ONB Technologies

Europ Assistance India, a wholly owned subsidiary of Paris based global assistance firm Europ Assistance Holdings (the ‘EA Group’) has announced that it has invested Rs 50 Crore in Singapore based ONB Technologies, a vehicle assistance company. 

ONB Technologies operates under the 21North brand in India and currently operates in 11 cities and seeks to expand services to 40 cities by the end of 2020. 21North empowers dealers and workshops with technology solutions to deliver superior customer experience and achieve critical business performance metrics with a consultative approach.

Ram Seethepalli, CEO of Europ Assistance India, said, “ONB Technologies’ services provide a significant value proposition to Automobile OEMs, dealerships, workshops, and end consumers by solving major pain and frustration points. With this partnership and expansion of product/solution capabilities, we are a step closer to completing our transformation into a Vehicle Ownership Lifestyle Assistance (“VOLA”) Company.”

Praveen Surendiran, managing director, ONB Technologies said, “Our collective ambition is to establish the vehicle servicing business in various international markets by leveraging Europ Assistance’s global presence and customer base.  However, ONB’s immediate focus is on the Indian market.”

The EA Group believes there is a significant opportunity to expand the Vehicle Assistance business across various international markets, and certainly so in India.  21North is currently delivering services to 35,000 vehicles per month and is projecting to reach a level of 100,000+ vehicles/month by the end of 2018.  21North operates primarily as a B2B2C company providing services in partnerships with automobile OEMs and their respective dealer partners.