Onsurity, an insurtech startup focused on SMEs, raised an additional $21mn in its Series B round, bringing the total to $45mn. Private equity firm Creaegis led the funding.
The company plans to use this capital to develop new digital products for SMEs, enhance its technology, and improve the claims process for customers.
In the competitive insurtech sector, Onsurity competes with firms like Loop Health, Acko, and Plum Insurance.
In October 2023, Onsurity raised $24mn from International Finance Corporation (IFC), Nexus Venture Partners, and Quona Capital.
The new funds will support the development of “greenfield” digital products and expand the company’s existing “Onsurity Plus” business risk insurance solutions.
Founded by Kulin Shah (COO) and Yogesh Agarwal (CEO), Onsurity provides healthcare benefits to employees of over 8,000 companies across 26 states and three union territories in India.
Its services include hospitalisation coverage, at-home healthcare, and pre- and post-hospitalisation care. The company aims to grow its client base to 50,000 companies by 2026.
Kulin Shah noted that the additional capital will help Onsurity enhance “Onsurity Plus” and launch more innovative products soon.
Onsurity’s clients include MyGlamm, Magicpin, DBS, and Naturals. With this funding, the company plans to advance its mission to provide digital healthcare and insurance solutions for SMEs in India.
Prakash Parthasarathy, Creaegis CIO and managing partner, highlighted Onsurity’s success in addressing the insurance needs of SMEs with its digital healthcare and insurance offerings.
Onsurity is an Indian insurtech startup founded in 2020, providing affordable employee healthcare benefits primarily to small and medium enterprises (SMEs).
The company offers monthly subscription-based health plans that cover hospitalisation, at-home healthcare, and pre- and post-hospitalisation services. Their solutions are designed to cater to businesses of all sizes, from companies with just three employees to much larger organisations.
Onsurity’s key offerings include group health insurance, term life insurance, and business risk solutions under the “Onsurity Plus” product line. These services are all managed through its digital platform, aiming to streamline healthcare access and claims processes for SMEs. Onsurity also focuses on delivering preventive healthcare benefits, such as discounted health check-ups and wellness programmes.
by Peter Sonner
