India’s Onsurity bags $24m in Series B Funding led by IFC

By Gloria Mathias

Onsurity, India’s SME-focused monthly subscription-led employee healthcare benefits provider, has raised $24 million in Series B funding.

The round is led by International Finance Corporation (IFC), the largest global development institution. Additionally, existing investors Nexus Venture Partners and Quona Capital also participated.

The InsurTech start-up will utilise this funding to work with its insurance partners to facilitate smooth claims experience for its members by co-creating a technology solution to drive a seamless and transparent journey. This initiative is particularly geared towards eliminating prolonged waiting periods and uncertainties typically associated with claims. This will ensure that all members experience a fully digital, transparent, and efficient benefits utilisation journey that is powered by Artificial Intelligence (AI).

Yogesh Agarwal, Founder and CEO, Onsurity said, “Our goal has always been to revolutionise employee healthcare benefits, making them accessible and user-friendly for India’s SMEs. With the strong support of IFC, Nexus Venture Partners, and Quona Capital, we will further intensify our efforts in scaling our tech-based platform which will enable us to extend insurance coverage to a larger spectrum of SMEs, ensuring a comprehensive safety net for their operations.”

Kulin Shah, Co-founder and COO, Onsurity said, “India’s SMEs stand at the threshold of a transformative era. The fresh infusion of funds will supercharge our mission to broaden our product offerings by crafting one of the finest tech-led distribution stacks in the industry. It underscores our commitment to shaping innovative partnerships, exploring new geographies, and penetrating underserved customer segments.”

“The availability of insurance coverage is vital for economic risk management and bolstering social security. Our recent funding underscores our dedication to a technology platform that improves the accessibility of employer-sponsored health insurance services,” said Wendy Werner, IFC Country Head, India.

“Out-of-pocket healthcare expenses can be a significant burden for employees of SMEs. Health insurance helps SMEs manage their expenses while supporting their employees.”

With the mission of making healthcare benefits accessible to India’s ‘missing middle’, Onsurity has catered to a spectrum of companies.