Onsurity raises $24 Mn in Series B led by IFC

Employee healthcare platform Onsurity has raised $24 million in a Series B funding round led by International Finance Corporation (IFC). Existing investors Nexus Venture Partners and Quona Capital also participated in the round.

The insurtech startup will utilise this funding to work with its insurance partners to facilitate claims experience for its members, Onsurity said in a press release. Additionally, these funds will bolster the company's vision to forge partnerships with more than 50,000 companies.

The new round has come after a gap of two years for the Bengaluru-based startup. It raised $16 million in its Series A round led by Quona Capital in August 2021. In October 2022, former Indian cricketer Anil Kumble also backed the firm as strategic advisor.

Founded in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based services that its customers can purchase and offer it to their full-time employees, contractors, interns and consultants.  The company, through its subsidiary, offers business products including cyber insurance, D&O liability insurance, and commercial general liability insurance, among others.

The company currently works with more than 5,000 companies, including Jupiter Money, CleverTap, Porter, Zepto, DBS Bank, Pantaloons, and Sattva, among others.

It aims to serve 50,000 businesses by 2026.

Onsurity competes with the likes of Plum Insurance, Secure Now, PazCare and Nova Insurance which also focus on group insurance amongst SMEs and startups.

Onsurity has not disclosed its FY23 financials yet. During FY22, however, the company's revenue from operations shot up 4.4X to Rs 14.1 crore as compared to Rs 3.22 crore in FY21. As per TheKredible, its losses surged 2.5X to Rs 21.63 crore in FY22 from Rs 8.77 crore in FY21.