Onsurity Secures $24 Million in Series B Funding Led by IFC
Written by Shaveta Arora, Arushi Sharma
Indian insurtech firm Onsurity has raised $24 million in a Series B funding round led by the International Finance Corporation (IFC), with participation from existing investors Nexus Venture Partners and Quona Capital. Onsurity, which offers subscription-based employee healthcare plans for SMEs
The International Finance Corporation (IFC) led a $24 million series B venture funding round for the insurtech startup Onsurity. Existing investors in the company, Nexus Venture Partners and Quona Capital, also participated in the venture funding round. Onsurity, an Indian SME employee healthcare provider, provides monthly subscription-based plans.
The new funding will allow the insurtech startup to collaborate with its insurance partners. The company intends to streamline the claims process by eliminating the lengthy waiting periods and uncertainties that are commonly associated with insurance claims through these partnerships. This approach aims to provide all members with a fully digital, transparent, and efficient benefits utilization experience powered by artificial intelligence (AI).
The funds will enable Onsurity to actively pursue its goal of partnering with over 50,000 companies and expanding coverage to more than 50 lakh lives by 2026. Additionally, a portion of the funding will go towards enhancing the company's profitability.
Yogesh Agarwal, Founder and CEO, Onsurity, said,
“With the backing of IFC, Nexus Venture Partners, and Quona Capital, we will intensify our efforts to scale our technology-driven platform, ensuring insurance coverage for a wider spectrum of SMEs.”
Kulin Shah, Co-founder and COO, Onsurity, said,
“The fresh infusion of funds will help us enhance product offerings with a technology-driven distribution approach. We will form partnerships, explore new markets, and reach out to underserved customer segments.”
In August, Onsurity reported serving more than 10 lakh lives. The company's reach spans across more than 5,000 businesses, influencing SMEs in 26 Indian states and three union territories. It's worth noting that over 80% of businesses buying healthcare memberships from Onsurity are entering the realm of employee healthcare for the first time.
Wendy Werner, IFC Country Head, India, said,
“Our recent funding underscores our commitment to a technology platform that enhances the accessibility of employer-sponsored health insurance services.”