The startup plans to deploy the fresh capital to launch new SME focused digital offerings and product lines
In October last year, the startup announced raising $24 Mn from International Finance Corporation, Nexus Venture Partners and Quona Capital as part of the funding round
With the fresh funds, Onsurity is eyeing to expand its client base from the existing 8,000 to 50,000 companies by 2026
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Small and medium enterprises (SMEs)-focussed insurtech startup Onsurity has raised an additional $21 Mn, led by private equity fund Creaegis, to close its Series B round at $45 Mn.
In October last year, the startup announced raising $24 Mn from International Finance Corporation, Nexus Venture Partners and Quona Capital as part of the funding round.
The startup plans to deploy the fresh capital to launch new SME focused digital offerings and product lines. Besides, it also plans to leverage the funds to further develop its tech stack, deepen the claims experience and develop digital “greenfield” products.
“Onsurity Plus, our suite of business risk insurance solutions, will also gain from this boost, enabling us to launch more innovative products soon,” the startup’s cofounder and COO Kulin Shah said in a statement.
Founded in 2020 by Shah and Yogesh Agarwal (CEO), Onsurity is an employee healthcare benefits provider which claims to have onboarded over 8,000 companies across 26 states and three union territories of India. It offers its client companies hospitalisation coverage, healthcare at home, pre and post hospitalisation expenses, among other features for their employees.
Prior to this funding round, the startup has raised over $40 Mn as per Inc42 estimates. Onsurity also counts former cricketer Anil Kumble as its backer. Kumble invested in the startup in October 2022 and also took up the role of strategic advisor.
It counts companies like MyGlamm, Magicpin, Bombay Locale, DBS, and Naturals among its clients. Following the fundraise, the startup plans to increase the number of clients to 50,000 companies by 2026. In the insurantech space, it competes with players like Loop Health, Acko, and Plum Insurance, among others.
On joining Onsurity’s cap table, Creaegis’s CIO and managing partner Prakash Parthasarathy said, “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.
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