Indian InsurTech Onsurity nets $24m in Series B

October 9, 2023

India-based Onsurity, an SME-focused, subscription-led employee healthcare benefits provider, has successfully raised $24m in a Series B funding round.

This round witnessed the participation of significant players with International Finance Corporation (IFC), a leading global development institution, taking the lead. Notably, existing investors such as Nexus Venture Partners and Quona Capital also returned to back the enterprise.

Diving into what Onsurity offers, it is revolutionising the InsurTech space by focusing on a technology-driven solution to enhance the insurance claims process for its members. Their mission aims at removing the customary delays and unpredictability frequently related to insurance claims. In effect, members are assured of an entirely digital, lucid, and efficient journey in their benefits utilisation, all of which is enhanced by Artificial Intelligence (AI).

The freshly-acquired funds have been earmarked for several visionary endeavours by Onsurity. A significant part will be directed towards collaborating with their insurance partners to develop the aforementioned technology solution. The ambitious vision of the company doesn’t stop there.

They intend to form alliances with over 50,000 firms and aim to provide insurance coverage to more than 5 million individuals by 2026. Furthermore, these resources will also fortify Onsurity’s roadmap to achieve profitability.

Onsurity CEO Yogesh Agarwal expressed his sentiments stating, “We are immensely proud of reaching this milestone. 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.”

Kulin Shah, co-founder and COO at Onsurity, added his perspective: “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.”