Update: Onsurity closes $45 Mn Series B round led by Creaegis

Update: Employee healthcare platform Onsurity has concluded its $45 million Series B round led by private equity fund Creaegis. The round also saw participation from existing investors, including International Finance Corporation, Quona Capital and Nexus Venture Partners.

Onsurity raised the first tranche of the Series B round in October last year.

The insurtech startup will leverage this funding to launch new digital offerings and product lines, aiming to strengthen the ecosystem of financial solutions available to Indian SMEs, the company said in a press release. A portion of the investment will also be utilised to enhance the company's tech capabilities.

To date, Onsurity claims to have onboarded over 8,000 companies, impacting more than 1.5 million lives across 26 states and 3 union territories in India. With this latest capital infusion, it aims to accelerate its vision of partnering with over 50,000 companies and extending coverage to more than 5 million lives by 2026.

Original story follows:

Employee healthcare platform Onsurity has raised Rs 219 crore or $26.4 million in a new round led by Creaegis, with the participation of existing investors Nexus Venture Partners and Quona Capital.

The board at Onsurity has passed a special resolution to issue 10 equity and 6,302 series B1 CCPs at an issue price of Rs 3,48,089 each to raise Rs 219 crore or $26.4 million, its regulatory filing accessed for the Registrar of Companies (RoC) shows.

Creaegis spearheaded the round with Rs 176.4 crore while existing investors Nexus Ventures and Quona Capital injected Rs 31.4 crore and Rs 11.9 crore, respectively.

The company will use proceeds for growth, expansion, working capital requirements and general corporate purposes, as decided by the board.

According to the startup data intelligence platform TheKredible, OnSurity has been valued at around Rs 1,032 crore or $124 million post-allotment.

Following the fresh proceeds, Creaegis will hold 17.10% of the company while Nexus and Quona will command 28.22% and 12.82%, respectively.

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.

Onsurity has raised over $66 million to date including $24 million Series B round in October last year, and $16 million Series A in August 2021.

Creaegis, the lead investor, recently closed its inaugural fund of about $426 million to support Indian startups. Its investment portfolio includes companies like Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics.

Update: The story and headline have been updated to include the latest information from Onsurity's press release.