Onsurity: Funding, growth story, and the future outlook – A letter from founders’ desk 

  • postauthorEditorial Staff
  • postdateDecember 12, 2023
  • postreadtime5 min read
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Onsurity, your trusted employee healthcare partner recently received funding of $16 million led by notable investment firms across the globe. The round was led by Quona Capital along with existing investor Nexus Venture Partners. Additionally, the participation came in from the Founder and CEO of Clover Healthcare Vivek Garipalli, Amrish Rau, the CEO of Pinelabs, and Sweta Rau, the Founder of White Ventures. 

The funding news is not just a validation that the employee health benefits setup needs a drastic change and what we are offering is truly helpful and unique but also a way forward for us to elevate the employee healthcare experience.  

Although we are only one year and some months old company, the impact that we are creating in the broken employee benefits space is being felt by thousands of businesses across sectors. Every employer that has partnered with us to better their employees’ health and wellbeing is today in a space where they have become an employee-first brand with high retention rate and a more profitable business growth chart. 

This, if you see as an event, has been noticed by several investment firms and individual investors who time and again have come forward to be a part of the revolution we have started.  

List of investors who have been supporting our growth journey 

Since our inception, we have been receiving immense support from notable institutional investors like Kunal Shah (Cred), Jitendra Gupta (Jupiter Money), Amit Lakhotia (Park+), Hemanshu Jain (Khyaal), Revant Bhate and Dhyanesh Shah (Mosaic Wellness). Also, we have successfully been able to achieve participation from Gaurav Munjal (Unacademy), Aakrit Vaish (Haptik) Miten Sampat (ex-Times Internet) Harsh Shah (Fynd), Gourav Bhattacharya (ex-Matrix Partners), Kunal Khattar (AdvantEdge Founders), Abhishek Nag, Nameet Potnis, Sunny Vazirani and all the 3 founders of Clevertap – Sunil Thomas, Anand Jain and Suresh Kondamudi.

We also want to thank our existing investors Nexus Venture Partners, Whiteboard Capital, AngelList, Prashanth Ranganathan (ex-Paysense), Vaibhav Puranik (Aven), Alexander Peter (Quartile Co), Ruan Rensburg (Lux Actuaries) and Jonathan Swanson (Thumbtack).

At Onsurity, our offerings are not the only unique element of our model. Seeing the newness of our services, our customers have turned into our investors – an event which is fairly unseen in the business world. 
The support that we have been getting from the investors is something that makes our dedication towards the employee healthcare space all the stronger.  

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

Yogesh Agarwal, Founder and CEO 

The origins of India’s only employee healthcare changemakers 

As we prepare for the future, it is equally important to look back at where we started. 

Onsurity: Funding, growth story, and the future outlook – A letter from founders’ desk 

Onsurity’s story started back in 2020 with the intent to change the employee healthcare landscape. The change we wanted to bring was to make it more comprehensive and affordable for both – a 3 people company and a 3000 people establishment.  

The inspiration to revolutionize this sector came from our observation that the benefits of corporate health were rarely used by the employees – one of the reasons behind it was the lack of comprehensiveness in the plans. While group health insurance covered healthcare and in some cases term life insurance, it didn’t offer much on prevention front.  

Another driving factor behind the inception of Onsurity was a market-wide lack of plans on startup budget. A startup’s budget is extremely limited in nature while a comprehensive group health benefits plan is extremely expensive. We wanted to change that. We wanted to give startups and SMEs the provision to provide their employees a comprehensive healthcare plan that looks into both preventive and in-hospital care.  

Even after a year, we are standing strong on a ground where we are building Onsurity on the four main pillars –Comprehensive employee healthcare, Affordability, Best in class Customer Experience, Tech-led employee healthcare support. 

Onsurity – 2021 and beyond 

We will continue building the Onsurity brand on top of the four pillars with employee experience being at the center.  

As we move to the next phase of our value offering with the support of our investor network, on the ground level, we plan on using the funding to augment our investment in the healthcare technology. We will be doubling down our efforts in exploring technology to ensure that employee healthcare space becomes a lot more accessible and inclusive.  

While on a holistic level, we will make comprehensive, affordable employee healthcare a norm for all the new-age startups and well-established firms across the nation. We are already on the path to making end-to-end employee healthcare and wellbeing an in-budget reality for the many startups and SMEs across the country. At the pace we are going today, we are projecting to reach over 10 million households (employees + their families) through our SMEs partnerships in the next 5 years – the funds we have raised will only help in elevating the reach and lowering the timeline.   

We are very hopeful about the time to come in the employee benefits space, and we are prepared to continue our role as a torchbearer. 

“For us, employee healthcare and wellbeing are at the center of the operation. Every functionality or feature or even partnerships we make fall back on employees’ wellbeing. 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.”

– Kulin Shah, Co-founder and COO

This is only just a beginning for us. We will continue to build on a tech led employee healthcare experience, instilling more comprehensive approaches in the process. While 2020 was about making the space inclusive and affordable by adding multiple employee types – interns, freelancers, and blue-collar workers in the group health benefits plan for only Rs. 145 per person per month, 2021 will take it to the next level.  

We want to thank you for being a part of our journey. We will only grow bigger from here.  

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