Onsurity, the employee healthcare service platform, has received $45 million in a Series B funding round, led by Creagis, the private-equity fund. Existing investors, International Finance Corporation, Quona Capital and Nexus Venture Partners, also participated.
While part of the fresh capital will be used to introduce new digital offerings and product lines, the rest will be invested in improving the technology of the firm.
Following this funding, 17.10 per cent of the platform will be held by Creaegis, 28.22 per cent by Nexus and 12.82 per cent by Quona, respectively.
The Bengaluru-based platform is now in a better position to make the financial solutions ecosystem stronger for small and medium enterprises (SMEs) in India.
Founded by Yogesh Agarwal and Kulin Shah, the platform, it is reported, already has more than 8,000 companies on board, catering to over 1.5 million people across 26 states and three union territories in India. It hopes to be able to cover over five million people by the end of next year, that is, 2026.
In October 2023, Onsurity had successfully secured $24 million in a Series B funding round, with the International Finance Corporation (IFC) taking the lead in this investment. This had marked the company’s return to the fundraising scene, with a two-year gap since its Series A round in August 2021, when Quona Capital led a $16 million investment. In October 2022, former Indian cricketer Anil Kumble joined the company as a strategic advisor.
