Employee InsurTech Onsurity bags $16m in Series A raise

Indian employee benefits platform Onsurity has raised $16m from a Series A funding round led by Quona Capital and Nexus Venture Partners.

Also participating in the round was CEO of Clover Healthcare Vivek Garipalli, CEO of Pinelabs Amrish Rau and founder of White Ventures Sweta Rau.

Founded in 2020, Onsurity is a health and employee benefits company that targets SMEs and startups. The firm claims it is aiming to simplify healthcare and employee benefits and offers a monthly-based subscription to health benefits under its TeamSure platform.

The TeamSure platform provides users with group health insurance, discounts on medicine orders and health check-ups, fitness rewards, doctor teleconsultations among others things.

Onsurity has said that it intends to offer affordable and accessible health benefits and insurance to over 35 million small businesses and startups across the country.

The company claims it plans to use the newly raised capital to invest in healthcare technology to ‘ensure the employee healthcare space becomes a lot more accessible and inclusive’.

Onsurity has targeted to reach over 10 million workers and their families through SME partnerships over the next five years as well as hitting a client base count of 10,000 by the end of 2021.

Onsurity CEO and founder Yogesh Agarwal said, We feel gratitude towards our investors for continuing their support. The fact that we are one of India’s very few companies to have their customers turn into investors and one that has backing from notable institutional investors is proof in itself that we are in the right direction towards bringing a reformative change in the employee healthcare space.”

Onsurity co-founder and COO Kulin Shah added, “We are grateful for the support that we continue to receive from our investors and customers. I am sure together we will bring the essence of true care back in employees’ healthcare while making it affordable and technologically convenient for the employers to ensure their employees’ wellbeing.”

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