Employee healthcare platform Onsurity raised $24 M Series B funding from IFC
The International Finance Corporation (IFC) sponsored a $24 million Series B fundraising round for the employee healthcare platform Onsurity. Existing investors Quona Capital and Nexus Venture Partners took part in the round as well.
According to a press statement from Onsurity, the insurtech firm will use this money to collaborate with its insurance partners to streamline the claims process for its users. These monies will also support the company’s goal of forming alliances with more than 50,000 businesses.
The Bengaluru-based startup’s most recent round of funding follows a two-year hiatus. In August 2021, Quona Capital led a $16 million Series A round in which it was funded. Anil Kumble, a former Indian cricketer, joined the company as a strategic advisor in October 2022.
Yogesh Agarwal and Kulin Shah founded Onsurity in 2020, which provides subscription-based services that its clients can buy and make available to their full-time staff, independent freelancers, interns, and consultants. The company provides business products through its subsidiary, including commercial general liability insurance, D&O liability insurance, and cyber insurance, among others.
Currently, the business collaborates with over 5,000 businesses, including Jupiter Money, CleverTap, Porter, Zepto, DBS Bank, Pantaloons, and Sattva.
By 2026, it hopes to assist 50,000 firms.
Onsurity is in direct competition with companies like Plum Insurance, Secure Now, PazCare, and Nova Insurance, which also specialize in group insurance for startups and SMEs.
Onsurity hasn’t yet released financial information for FY23. However, in FY22, the company’s revenue from operations increased by 4.4X to Rs 14.1 crore from Rs 3.22 crore.
