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Employee Healthcare Startup Onsurity raises $16 million led by Quona Capital & Others

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Onsurity, a healthcare-related tech startup aimed at SMEs and startups, has raised $16 million in a Series A round led by leading fintech investor Quona Capital and existing investors Nexus Venture Partners.

Healthcare entrepreneur Vivek Garipalli, the founder and CEO of Clover Healthcare, also participated in the round.

According to the press release, Onsurity will use the funds to expand its healthcare platform and offerings.

Onsurity, founded in mid-2020 by entrepreneurs Yogesh Agarwal and Kulin Shah, offers a one-of-a-kind self-service platform through which businesses can purchase flexible and customised health benefit subscriptions for their employees in minutes.

While technology has enabled healthcare to improve diagnosis and patient care, it has largely ignored the issues of time-consuming and inconvenient benefits access and onboarding.

"With Onsurity, we have built a system from the ground up that will enable every organisation—regardless of size—to have access to comprehensive yet affordable healthcare and health benefit options that can be selected, customised, and priced in as little as two minutes,” said Yogesh Agarwal, Founder and CEO of Onsurity.

Ganesh Rengaswamy, Managing Partner and Co-founder of Quona Capital, stated, “Though there are several intermediaries offering health insurance and benefits in India, affordable access to healthcare benefits—a critical part of financial resilience—eludes most small businesses and working people.

"Unlike existing solution providers, Onsurity is a true pioneer for unique health benefits solutions, making healthcare available to millions of SMEs who are traditionally underserved. We are thrilled to partner with team Onsurity.”

Onsurity's mission is to make high-quality employee health benefits and insurance more affordable and accessible to over 35 million SMBs and startups in India, which employ over 150 million people in total.

The company's unique monthly subscription model allows not only full-time employees, but also contractors, interns, and consultants, to have a single subscription.

This has enabled them to offer health benefit plans to food and beverage outlets, retailers and wholesalers, small consulting firms, trading companies, small service centres, boutique marketing agencies, and other similar SMBs, many of which are now receiving employee health benefits for the first time as a result of their relationship with Onsurity. Again, during the pandemic, their platform has helped SMBs to bring back workforce post lockdowns.

Onsurity Co-founder Kulin Shah said, “Our experience has taught us that small businesses and startups struggle to find the right employee healthcare plan, and that the process is time consuming and expensive. And more often than not, health benefit plans deliver a poor customer experience when hospitalisation and claims are made. It’s a big gap that Onsurity is closing quickly by delivering a digital-first, hassle-free product that creates an unparalleled positive customer experience.”