It claims to have served over 10 lakh people across 5,000+ companies

Onsurity will use the funds to create tech-based claiming solutions, increase client base and become profitable.

SME-focused insurtech startup Onsurity has secured $24 Mn in its Series B funding round led by the International Finance Corporation (IFC). The round also saw participation from its existing investors Nexus Venture Partners and Quona Capital. 

Founded in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity is an employee healthcare benefits provider which claims to have served over 10 lakh people. Currently, it caters to over 5,000 companies, including Jupiter Money, CleverTap, Porter, Zepto, Sobha Developers, DBS Bank, Pantaloons, and Sattva, among others.

The startup aims to deploy the funds to co-create a technology solution with its insurance partners, to drive seamless and transparent transactions. Further, Onsurity has set a goal to onboard 50,000 companies to serve more than 5 Mn lives by 2026.  

Commenting on the development, cofounder Agarwal said, “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.”

Onsurity aims to create an artificial intelligence (AI) powered claiming process for users that will eliminate prolonged waiting periods and uncertainties typically associated with claims. This will ensure that all members experience a fully digital, transparent, and efficient benefits utilization process.

Commenting on this, cofounder Shah added, “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.” 

According to Shah, the funding will allow the startup to explore new geographies and penetrate underserved customer segments.

The startup aims to make claims easier for the employees of small-scale businesses and startups. In the process, it claims to have catered to a spectrum of companies, ranging from small teams of 3 to established businesses with over 1,000 employees.

Onsurity covers people ranging from business executives to employees and gig workers as well, along with their dependents. Over half of Onsurity’s members are blue-collar workers, and close to 40% hail from Tier-II and Tier-III cities. It claims that 80% of businesses purchasing healthcare memberships from Onsurity have ventured into employee healthcare for the first time.

In addition to healthcare, Onsurity also offers cyber insurance, commercial general liability insurance, among others under Onsurity Plus. These offerings are designed to provide comprehensive coverage and support SMEs in navigating the complexities of modern risks and challenges.

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This round of funding saw participation from the founders of leading startups in India. These include Kunal Shah (Cred), Jitendra Gupta (Jupiter Money), Amit Lakhotia (Park+), Revant Bhate and Dhyanesh Shah (Mosaic Wellness), Gaurav Munjal (Co-founder Unacademy), Aakrit Vaish, Miten Sampat, Harsh Shah (Fynd), Gourav Bhattacharya (ex- Matrix Partners), Kunal Khattar (Managing Partner, AdvantEdge Founders), and all the three founders of Clevertap – Sunil Thomas, Anand Jain and Suresh Kondamudi

According to the startup, the customers had reached out to the founders, seeking to invest based on their experience of being engaged with the company.

“Angel investors in the startup ecosystem coming in for mentoring and building a business is the norm. But in Onsurity’s case, our customers have turned investors. This is a unique situation as it is a validation of our vision and the problem statement we are solving.

We are proud to be onboarding these remarkable entrepreneurs who are also customers as angel investors,”  said Onsurity Co-founder Kulin Shah. Onsurity raised its seed round in March 2020 with backers such as Nexus Partners, AngelList, Whiteboard Capital and angels like Prashanth Ranganathan (ex-Paysense), Jonathan Swanson (Cofounder, Thumbtack) ,and others. Yogesh

Onsurity launched its product in July 2020 and has 700 SMEs with 70,000 users. It provides various services like group health insurance, telemedicine & consultation, regular checkups etc.

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