Onsurity, an SME-focused, subscription-based healthcare services provider, has successfully raised $24 million in a Series B financing round. This round saw the participation of key players led by International Finance Corporation (IFC), one of the leading global development organisations. Existing investors such as Nexus Venture Partners and Quona Capital also returned to back the startup.
Onsurity is revolutionising the InsurTech space by focusing on a technology-driven solution to improve the insurance claims process for its members. Their mission aims to eliminate the customary delays and unpredictability often associated with insurance claims. In fact, members are assured of a fully digital, comprehensible and efficient journey in the utilisation of benefits, all developed by Artificial Intelligence (AI).
We take great pride in achieving this milestone. Our aim has always been to revolutionise employee healthcare benefits, making them accessible and user-friendly for India’s SMEs. The IFC, with strong support from Nexus Venture Partners and Quona Capital, will enable us to extend insurance coverage to a wider range of SMEs. We will also further intensify our efforts to scale our technology-based platform that will allow us to provide a comprehensive safety net for SMEs.Yogesh Agarwal, CEO of Onsurity
The newly acquired funds were allocated to various visionary endeavours of Onsurity. It will be directed towards collaborating with insurance partners to develop the technology solution. The company’s ambitious vision does not end there. They aim to collaborate with more than 50,000 firms and provide insurance coverage to more than 5 million people by 2026. These resources will also strengthen Onsurity’s roadmap to profitability.
India’s SMEs stand at the threshold of a transformative era. The new infusion of funds will reinforce our mission to expand our product offerings by building one of the best technology-driven distribution stacks in the industry. This underlines our commitment to shape innovative partnerships, explore new geographies and penetrate underserved customer segments.Kulin Shah, co-founder and COO of Onsurity