Onsurity, a company specializing in monthly subscription-based healthcare benefits for SMEs, has secured $24 million in Series B funding. The funding round is spearheaded by the International Finance Corporation (IFC), the world's largest development institution. Nexus Venture Partners and Quona Capital, existing investors, also joined in this round. The insurtech startup plans to use the funds to collaborate with its insurance partners, aiming to enhance the claims process for its members. The goal is to create a technology solution that ensures a smooth and transparent experience throughout the entire journey.

This effort is specifically focused on eradicating the extended waiting times and uncertainties commonly linked with the claims process. The aim is to guarantee that every member undergoes a completely digital, transparent, and efficient journey in utilizing benefits, driven by Artificial Intelligence (AI). Furthermore, the raised funds will support the company's vision of establishing partnerships with over 50,000 companies and extending coverage to more than 5 million individuals by 2026. Some of the funding will also be dedicated to advancing the company's efforts in achieving profitability.

Yogesh Agarwal, Founder and CEO, Onsurity, said, “We are immensely proud of reaching this milestone. 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."