Onsurity, an Indian InsurTech startup that provides healthcare benefits to small and medium enterprises (SMEs), has raised an additional $21m in funding.
This new investment was led by private equity firm Creaegis and completes the company’s Series B round at a total of $45m, according to InsurTech Insights.
The company offers digital healthcare and insurance solutions tailored to SMEs and has already built an impressive roster of clients, including MyGlamm, Magicpin, DBS, and Naturals.
Investors in the latest round include Creaegis, which played a key role in closing the Series B funding.
Founded in 2020 by Kulin Shah (COO) and Yogesh Agarwal (CEO), Onsurity provides healthcare coverage and benefits for employees across more than 8,000 companies in 26 states and three union territories in India.
The startup’s products cover hospitalisation, at-home care, and pre- and post-hospitalisation services.
With this new capital, Onsurity plans to launch additional digital product lines tailored to the needs of SMEs, enhance its technology infrastructure, and improve the overall claims experience for its customers. The funding will also allow Onsurity to further develop its “Onsurity Plus” business risk insurance solutions and expand its client base to 50,000 companies by 2026.
In a statement, Kulin Shah said, “Onsurity Plus, our suite of business risk insurance solutions, will also gain from this boost, enabling us to launch more innovative products soon.”
Creaegis CIO and managing partner Prakash Parthasarathy added, “Onsurity has made significant progress in addressing this gap (in insurance and risk management products for SMEs) by offering a unique value proposition through its digitally-enabled healthcare and insurance solutions that cater to the evolving needs of Indian SMEs.”
This funding follows a $24m investment in October 2023, which was part of the same Series B round, from International Finance Corporation (IFC), Nexus Venture Partners, and Quona Capital.
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