Onsurity Raises $24M in Series B Round, Aims to Elevate Insurance Claim Experience for SME Workers
Onsurity Technologies Pvt. Ltd, a healthTech & employee benefits firm, has raised $24 million (nearly Rs 200 crore) in a Series B funding round led by the International Finance Corporation (IFC), the private-sector investment firm of the World Bank Group.
As per the startup, the freshly raised funds will be used to work with its insurance partners to facilitate improved claims experience for its members by co-creating a technology solution.
Onsurity stated that this initiative would eliminate prolonged waiting periods and uncertainties typically associated with claims. Additionally, part of the freshly raised funds will be used towards its sales and marketing channels that will enable the startup to cover over 50,000 clients by 2026.
Existing investors Nexus Venture Partners and Quona Capital also participated in the funding round.
Onsurity | HealthTech & Employee Benefits Firm
Founded by Yogesh Agarwal and Kulin Shah in 2020, Onsurity is a Bengaluru-based healthTech & employee benefits firm that offers monthly subscription-based employee health benefits options to regular and gig workers in SMEs.
The startup aims to simplify the healthcare & employee benefits journey of employers and their teams, ensuring transparency, easy usability, and understanding.
Speaking about the development, Yogesh Agarwal, Co-founder and CEO of Onsurity, highlighted that their goal has always been to revolutionize employee healthcare benefits, making them accessible and user-friendly for Indian SMEs.
Agarwal added,
“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.”
Statement from the Investor
Commenting on the development, Wendy Werner, IFC Country Head, India, said,
“The availability of insurance coverage is vital for economic risk management and bolstering social security. Our recent funding underscores our dedication to a technology platform that improves the accessibility of employer-sponsored health insurance services.”
On the fresh infusion of funds, Kulin Shah, Co-founder of Onsurity, stated that the funding would supercharge their mission to broaden product offerings by crafting one of the finest tech-led distribution stacks in the industry.
With this funding, the startup aims to drive the efforts that would help it move toward profitability. Currently, the startup has over 5000 SME clients.
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