Onsurity, an employee healthcare platform, secures $45 million Series B Funding round
Onsurity, a Bengaluru-based employee healthcare platform, has reportedly raised $45 million (around Rs.377 crore) in its Series B funding round.
The funding round was led by private equity firm Creaegis, with participation from existing investors, including International Finance Corporation, Quona Capital, and Nexus Venture Partners.
Media reports indicate that Onsurity intends to use the raised capital to introduce new digital offerings and product lines, aiming to enhance the range of financial solutions available to Indian SMEs.
Additionally, the four-year-old startup will focus on boosting its technology capabilities. Previously, the startup secured $24 million in the initial tranche of its Series B funding round in October of the previous year.
The four-year-old startup will also concentrate on improving its technology capabilities. Previously, it raised $24 million in the first tranche of its Series B funding round last October.
Founded by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based healthcare services that companies can provide to their full-time employees, contractors, interns, and consultants.
Speaking about their investment in Onsurity, Prakash Parthasarathy, Managing Partner and CIO, Creaegis said, “We are excited about the opportunity in India’s underserved SME segment for insurance and risk management products. Onsurity has made significant progress in addressing this gap by offering a unique value proposition through its digitally enabled healthcare and insurance solutions that cater to the evolving needs of Indian SMEs. The scale they’ve achieved in just over four years is truly remarkable and we are thrilled to join Onsurity on this journey. Our past experience of investing in pioneering Insurance, InsurTech and HealthTech companies will enable us to support the company’s mission to redefine financial protection for SMEs across India.”
Through its subsidiary, the startup also provides business products such as cyber insurance, D&O liability insurance, and commercial general liability insurance, among others.
Onsurity claims to have onboarded over 8,000 companies, benefiting more than 1.5 million people across 26 states and 3 union territories in India.
The funding round was led by private equity firm Creaegis, with participation from existing investors, including International Finance Corporation, Quona Capital, and Nexus Venture Partners.
Media reports indicate that Onsurity intends to use the raised capital to introduce new digital offerings and product lines, aiming to enhance the range of financial solutions available to Indian SMEs.
Additionally, the four-year-old startup will focus on boosting its technology capabilities. Previously, the startup secured $24 million in the initial tranche of its Series B funding round in October of the previous year.
The four-year-old startup will also concentrate on improving its technology capabilities. Previously, it raised $24 million in the first tranche of its Series B funding round last October.
Founded by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based healthcare services that companies can provide to their full-time employees, contractors, interns, and consultants.
Speaking about their investment in Onsurity, Prakash Parthasarathy, Managing Partner and CIO, Creaegis said, “We are excited about the opportunity in India’s underserved SME segment for insurance and risk management products. Onsurity has made significant progress in addressing this gap by offering a unique value proposition through its digitally enabled healthcare and insurance solutions that cater to the evolving needs of Indian SMEs. The scale they’ve achieved in just over four years is truly remarkable and we are thrilled to join Onsurity on this journey. Our past experience of investing in pioneering Insurance, InsurTech and HealthTech companies will enable us to support the company’s mission to redefine financial protection for SMEs across India.”
Through its subsidiary, the startup also provides business products such as cyber insurance, D&O liability insurance, and commercial general liability insurance, among others.
Onsurity claims to have onboarded over 8,000 companies, benefiting more than 1.5 million people across 26 states and 3 union territories in India.
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