Onsurity, the one-year old employee health benefits platform, has managed to gather funds worth $16 million in a Series A funding round led by Quona Capital. The round also saw participation from existing investors, Nexus Venture Partners, Whiteboard Capital and Vivek Garipalli, entrepreneur, founder and CEO, Clover Healthcare.
The healthtech startup plans to use the funds to enhance its healthcare platform and offerings.
Presently, the Company caters to 1,300 small and medium-sized firms, but aims to reach 10,000 in a year’s time, benefitting over 500,000 people.
The platform offers solutions to the small and medium-sized businesses (SMBs) across India that find it difficult to access affordable health plans. Considering that India is home to about 35 million SMBs, together employing about 150 million people, that is, about 300 people each, this oft-ignored sector is the main target for Onsurity.
The startup is looking at an exit average revenue run rate of about $20 million in the next one year. The platform allows organisations to buy flexible, affordable and customised health benefit plans for their workforces. No wonder the platform has several retailers, food and beverage outlets, small consultancies, trading agencies, l service centres, and even boutique marketing as clients. Many of those employed in these SMBs have never benefited from health plans ever. Onsurity’s offerings will put an end to the struggles of SMBs who find it difficult to zero in on the right health plan for their employees.