Quess Corp Ltd, India’s leading business services provider, announced today that it has agreed to divest its wholly-owned subsidiary, Qdigi Services Limited, to Onsitego, India’s #1 device-care provider.
As part of the transaction, the entire team and business of Qdigi will be transferred to Onsitego. Quess will receive total cash consideration of ₹80 cr., subject to customary closing adjustments. Quess will be acquiring a minority stake in Onsitego. The transaction is expected to be completed over the next 2-3 months.
Speaking on the occasion, Guruprasad Srinivasan, ED & CEO, Quess Corp Ltd, said, “In line with the Corporate structure simplification process of business lines, we have divested our stake in Qdigi. Quess Corp helped Qdigi team to scale and create an unparalleled pan India customer reach and service capabilities. We believe that going forward the Qdigi business is hugely complimentary to the offerings of Onsitego, while Onsitego will provide the platform for the next level of growth in Qdigi business.”
Deven Sharma, CEO, Qdigi Services Ltd., said, “Being a part of the Quess family since 2018 has helped us build scale by leveraging Quess’ platform and the management expertise. Integration of Qdigi services with Onsitego will help both businesses accelerate growth and create a more enriching service experience for our customers.”
Kunal Mahipal, Founder & CEO, Onsitego said, “Onsitego has been a leader in the protection plan business owing to its excellent customer service. Over the past decade, we have been able to build a strong service network. The acquisition of Qdigi will further add to our service capabilities and market offerings. While we will expand Qdigi’s existing relationships, we are also looking to target new OEM partners and retailers to accelerate growth. I am sure together we will be able to create India’s largest and the most customer-obsessed service company.”
Rationale for Transaction
For Quess, the transaction is aligned to overall strategy of corporate structure simplification. Whereas, Qdigi’s capabilities will highly complement the device protection business of Onsitego. It will allow Onsitego to enrich its customer service experience and also open up new areas of growth.