New Delhi, Jan. 9 -- Mid-market private equity firm Xponentia Capital, which backs companies such as Barbeque Nation, The Souled Store and Easy Home Finance, among others, has invested in ASEGO Global Assistance Ltd, a global travel assistance and insurance solutions provider.
Xponentia, which hit the final close of its second fund with an oversubscription nearly two years ago, has infused Rs 175 crore ($19.4 million) in ASEGO for a 25-30% equity stake.
Mumbai-based ASEGO provides comprehensive travel and insurance solutions, including doctor-on-call services, emergency medical support and evacuation, baggage tracking, and travel insurance through reputed insurers to more than three million domestic and international travellers annually. It has a pan-India presence with a portfolio of more than 200 curated assistance products, and works with over 22,000 travel trade partners across retail, e-commerce, and corporate segments.
"We continue on our journey and aspirations of expanding our global footprint and customer base, broadening our product offerings, and delivering innovative solutions to customers," said Dev Karvat, founder and chief executive officer of ASEGO. "The travel assistance market is a highly specialized and niche segment with a large addressable opportunity. We believe ASEGO is well positioned to benefit from the sector's growth and look forward to this investment supporting our next phase of growth," he added.
The investment will help ASEGO expand its service offerings and accelerate its evolution into an integrated travel assistance provider, it said in a statement.
Published by HT Digital Content Services with permission from VC Circle.