Onsurity, India’s pioneering SME-focused monthly subscription-based employee healthcare benefits provider, has successfully secured $24 million in Series B funding. The funding round was led by the International Finance Corporation (IFC),a part of the World Bank and the largest global development institution. Nexus Venture Partners and Quona Capital, existing investors, also participated in this funding round. This substantial funding injection will empower Onsurity to enhance its offerings and propel its mission to provide healthcare coverage to 50,000 businesses and over 5 million lives by 2026.
Onsurity’s Vision and Utilization of Funds
The innovative insurtech start-up plans to leverage this funding to collaborate with insurance partners and create a technology-driven solution to streamline and improve claims processes for its members. The goal is to offer a seamless and transparent claims experience, leveraging Artificial Intelligence (AI) to eliminate delays and uncertainties associated with traditional claims processing. The funds will also contribute to the broader vision of forming partnerships with more than 50,000 companies and extending coverage to over 5 million lives by 2026, while also focusing on achieving profitability.
Speaking on the milestone, Yogesh Agarwal, Founder and CEO, Onsurity said, “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, Onsurity said, “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.”
In August, Onsurity achieved a significant milestone by rapidly serving a million lives, demonstrating its effective reach and impact on SMEs across various regions in India. Over 80% of businesses obtaining healthcare memberships from Onsurity were delving into employee healthcare for the first time, highlighting the company’s ability to make healthcare benefits more accessible.
“The availability of insurance coverage is vital for economic risk management and bolstering social security. Our recent funding underscores our dedication to a technology platform that improves accessibility of employer-sponsored health insurance services,” said Wendy Werner, IFC Country Head, India. “Out-of-pocket healthcare expenses can be a significant burden for employees of SMEs. Health insurance helps SMEs manage their expenses while supporting their employees.”
Onsurity prides itself on catering to a diverse range of companies, from small teams to large enterprises. Their inclusive member base covers blue-collar workers and individuals from tier II and tier III cities, exemplifying their commitment to reaching the ‘missing middle’ of India’s workforce.
Onsurity’s journey has been guided and enriched by the experience and strategic insights of individuals such as Anup Gupta, Anand Datta of Nexus Venture Partners, Ganesh Rengaswamy, and Sheena Jain of Quona Capital. Their contributions have been instrumental in steering Onsurity towards its present success.
Diverse Offerings and Commitment to SMEs
Apart from employee healthcare benefits, Onsurity, through its subsidiary, offers a range of essential business products including Cyber insurance, D&O liability insurance, Commercial General Liability insurance, and more under Onsurity Plus. These products, offered under Onsurity Plus, aim to provide comprehensive coverage and support SMEs in navigating modern risks and challenges.
Onsurity’s achievement of securing $24 million in Series B funding marks a significant step towards the company’s mission of making healthcare accessible for India’s SMEs.