The startup plans to use the fresh capital to launch new digital product lines tailored to small and medium enterprises (SMEs), enhance its tech stack, and improve the claims experience for its customers.
In the competitive insurtech space, Onsurity faces rivals like Loop Health, Acko, and Plum Insurance.
In October 2023, Onsurity raised $24 million from International Finance Corporation (IFC), Nexus Venture Partners, and Quona Capital as part of this ongoing funding round. The latest capital injection will also support the development of “greenfield” digital products and expand its existing “Onsurity Plus” business risk insurance solutions.
Founded in 2020 by Kulin Shah (COO) and Yogesh Agarwal (CEO), Onsurity provides healthcare benefits to employees of over 8,000 companies across 26 states and three union territories in India. The company’s offerings include hospitalisation coverage, at-home healthcare, and pre- and post-hospitalisation services. Onsurity aims to expand its client base to 50,000 companies by 2026.
“Onsurity Plus, our suite of business risk insurance solutions, will also gain from this boost, enabling us to launch more innovative products soon,” Kulin Shah said in a statement.
Onsurity’s customer roster includes brands such as MyGlamm, Magicpin, DBS, and Naturals. With this new funding, the startup plans to further its mission of delivering digital healthcare and insurance solutions to the rapidly evolving needs of Indian SMEs.
Creaegis CIO and managing partner Prakash Parthasarathy said, ““Onsurity has made significant progress in addressing this gap (in insurance and risk management products for SMEs) by offering a unique value proposition through its digitally-enabled healthcare and insurance solutions that cater to the evolving needs of Indian SMEs.”
