Onsurity, an employee healthcare services company, has successfully secured $24 million in its Series B funding round, with the International Finance Corporation (IFC) taking the lead in this investment. Existing investors Nexus Venture Partners and Quona Capital also participated in this funding round.
The insurtech startup plans to allocate these funds towards enhancing its collaboration with insurance partners to streamline the claims process for its members. Furthermore, the capital injection will support Onsurity’s ambitious goal of forming partnerships with over 50,000 companies.
The Series B funding marks 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.
Established in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity offers a subscription-based service that enables customers to provide comprehensive healthcare benefits to their full-time employees, contractors, interns, and consultants. The company, through its subsidiary, also offers various business insurance products such as cyber insurance, D&O liability insurance, and commercial general liability insurance, among others.
Onsurity currently partners with over 5,000 companies, including Jupiter Money, CleverTap, Porter, Zepto, DBS Bank, Pantaloons and Sattva. Their goal is to expand their services to 50,000 businesses by 2026. They face competition from industry players like Plum Insurance, Secure Now, PazCare, and Nova Insurance, all specialising in providing group insurance solutions for SMEs and startups.
