Insuretech startup OneAssist Consumer Solutions Pvt. Ltd is opening new lines of business as it seeks to de-risk its revenue from reliance on smartphones.
“While new phones continue to be the major portion of our revenue, growth in that overall market is slowing, which is why we're expanding and growing in other directions,” said co-founder Subrat Pani in an interview with Mint.
Automobile business
In 2025-26, the PeakXV-backed startup entered the used-car segment, marking its entry into the automobile segment. “We're targeting the value-conscious customers who want to buy 3-5 year-old cars and run them for a few more years,” Pani said.
According to the startup, insurers are often reluctant to underwrite used cars. “We found that there's a protection gap for used cars as well as challenges related to fraud and risk assessment,” said Pani. As a result, OneAssist partnered with insurance companies to create new insurance products for used cars.
Even a Cars24 report showed that 52% of used-car buyers in 2025 opted for financing, up sharply from 23% in 2024, highlighting rising demand for credit-led purchases.
OneAssist's automobile segment, as well as its refurbished and used phone insurance business, is expected to contribute 7-8% of its annual recurring revenue(ARR) over the next four quarters, according to Pani. “In the following year, it could double to 14-15%.”
Refurbished phone protection
The company entered the refurbished and used phone warranty business in 2024, bringing along AI video technology to help underwrite risk previously considered opaque.
This, in turn, helped them to convince their insurance partners to provide underwriting solutions for such phones.
A Counterpoint report from September 2025 found that refurbished phone sales in India grew 4.9% in January-September, with more consumers drifting towards premium OEMs but preferring older models like iPhone 13 and 14s, as well as Samsung's S21, S22 and S23 series.
“We found that most refurbished sellers offer one to three months of coverage. We thought, why not bring in 6 or even 12 months?” Pani said. “That's what will help customers buy and increase conversion for the category.”
Tarun Pathak, research director at Counterpoint, said 2026 is expected to be significantly worse for new phone purchases, with refurbished phones expected to see much more growth in sales. “People will opt for second-hand phones compared to new phones at certain price points,” he said.
“It can be a profitable business because of the quality of the devices. If a phone is in bad condition and can't be resold, components still can be, and there's value in that because those are getting expensive as well.”
Securing home appliances
It is currently piloting insurance services with e-commerce players such as Amazon for home and lifestyle products, including footwear, premium fashion, high-end eyewear, and furniture.
The shift from offering insurance and protection plans for smartphones to home appliances comes amid declining smartphone sales in the country. India recorded a 3% year-on-year fall in smartphone sales in Q1 2026, the weakest in six years, according to Counterpoint Research. The decline has been driven by higher prices from original equipment manufacturers, weak consumer demand, and supply-side cost pressures.
While home and lifestyle goods are still in early stages, the company expects low-volume but high-ticket transactions, with a focus on “cracking” two categories within the next two months.
IPO plans
OneAssist closed out at 2025-26 at around ₹850 crore, with the final numbers expected to be filed by June. Its ARR is nearing ₹1,000 crore.
Even so, public markets are the last thing on the company's mind. The priority, according to Pani, is to scale its new lines of business and see them pick up traction before even considering an initial public offering.
While he offered up a tentative 2027-28 timeline, he said the company was a “little far from that focus at the moment”.