Insurtech Startup Onsurity Secures $24 Mn in Funding

Onsurity, a trailblazing provider of monthly subscription-based employee healthcare benefits geared towards SMEs in India, has successfully secured $24 million in Series B funding. This substantial investment round is spearheaded by the International Finance Corporation (IFC), the world’s largest global development institution. Notably, existing investors, Nexus Venture Partners, and Quona Capital, have also enthusiastically participated in this funding round.

The insurtech startup plans to utilize this significant capital infusion to collaborate closely with its insurance partners. Their shared objective is to develop an innovative technology solution aimed at delivering an unparalleled claims experience for Onsurity’s members. This forward-looking initiative is strategically designed to eradicate the common challenges of extended waiting periods and uncertainties that often accompany insurance claims. By harnessing the power of Artificial Intelligence (AI), Onsurity is committed to ensuring that all its members embark on a fully digital, transparent, and efficient journey when utilizing their benefits.

Furthermore, these newly acquired funds will serve as a catalyst for Onsurity’s overarching vision, which is to establish partnerships with more than 50,000 companies and extend coverage to over 5 million individuals by the year 2026. A portion of this funding will also be directed towards advancing the company’s efforts to achieve sustainable profitability.

Yogesh Agarwal, Founder and CEO of Onsurity, expressed his pride in reaching this significant milestone, stating, “We are immensely proud of reaching this milestone. Our goal has always been to revolutionise employee healthcare benefits, making them accessible and user-friendly for India’s SMEs. With the strong support of IFC, Nexus Venture Partners, and Quona Capital, we will further intensify our efforts in scaling our tech-based platform which will enable us to extend insurance coverage to a larger spectrum of SMEs, ensuring a comprehensive safety net for their operations.”

Kulin Shah, Co-founder and COO of Onsurity, emphasized the transformative potential for India’s SMEs, stating, “India’s SMEs stand at the threshold of a transformative era. The fresh infusion of funds will supercharge our mission to broaden our product offerings by crafting one of the finest tech-led distribution stacks in the industry. It underscores our commitment to shaping innovative partnerships, exploring new geographies, and penetrating underserved customer segments.”

In a notable achievement, Onsurity achieved the milestone of serving one million lives in August, making it the fastest-growing new-age insurtech in this domain. The company’s footprint extends to more than 5,000 businesses, with a meaningful impact on SMEs across 26 Indian states and 3 union territories. Notably, over 80% of businesses that have availed healthcare memberships through Onsurity have ventured into employee healthcare for the very first time, underscoring the company’s profound impact on the sector.

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