Bengaluru-based employee healthcare platform, Onsurity, has raised $45 million (around Rs 377 crore) in its Series B funding round. The round was led by private equity fund Creaegis, with participation from existing investors such as International Finance Corporation (IFC), Quona Capital, and Nexus Venture Partners.
Purpose of Fundraising
The newly secured funds will be used by Onsurity to launch new digital offerings and expand its product lines. The goal is to strengthen the ecosystem of financial solutions available to Indian small and medium enterprises (SMEs). Additionally, the four-year-old startup plans to enhance its technology capabilities to provide more innovative solutions for its users. This follows the $24 million raised in October last year during the first tranche of the Series B round.
What Onsurity Offers
Founded by Yogesh Agarwal and Kulin Shah, Onsurity is a subscription-based healthcare platform that provides healthcare services to companies for their full-time employees, contractors, interns, and consultants. The platform offers comprehensive healthcare plans that make it easier for small businesses to provide benefits to their workforce.
Onsurity also provides a range of business insurance products through its subsidiary, including cyber insurance, directors and officers (D&O) liability insurance, and commercial general liability insurance, among others. These products are aimed at helping businesses manage risks and protect their operations.
Impressive Growth
Over the past few years, Onsurity has made significant strides in its mission to improve employee healthcare in India. The platform has onboarded more than 8,000 companies, impacting over 1.5 million lives across 26 states and 3 union territories in India. This demonstrates the company’s commitment to making healthcare more accessible to businesses of all sizes.
With this fresh capital, Onsurity is well-positioned to enhance its digital offerings and continue expanding its reach in the Indian SME sector. The company’s innovative approach to employee healthcare and business insurance has made it a valuable partner for thousands of businesses, and this new funding will further accelerate its growth.
