Insurtech start-up Onsurity raises $24 million in series B funding round

Insurtech start-up Onsurity on Monday announced that the company raised $24 million in a Series B funding round with participation from the International Finance Corporation (IFC) and existing investors such as Nexus Venture Partners and Quona Capital.

The total funding in the company from investors is now pegged at $42.9 million, as per data from Tracxn, a market intelligence platform. The company had raised $16 million in a Series A round of funding from investors such as Quona, Nexus Venture Partners, among others, in 2021.

The company said a portion of the latest funding will be allocated to the company's efforts to chart the path towards profitability.

"This initiative is particularly geared towards eliminating prolonged waiting periods and uncertainties typically associated with claims. This will ensure that all members experience a fully digital, transparent, and efficient benefits utilisation journey that is powered by Artificial Intelligence (AI)," the company said in a statement.

Onsurity added that the latest investment will enable it to work with its insurance partners to facilitate an unparalleled claims experience for its members.

"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," said Yogesh Agarwal, founder and CEO, Onsurity.

The Bengaluru-based employee healthcare benefits provider for India's SMEs, start-ups, and enterprises claims to have served over ten lakh individuals. It works with over 5,000 companies, including Jupiter Money, CleverTap, Porter, Zepto, Sobha Developers, DBS Bank, Pantaloons, and Sattva, among others.

"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," said Kulin Shah, co-founder and COO at the company.