Insurtech startup Onsurity said on Monday that it had raised $24 million in its Series B funding led by the International Finance Corporation (IFC). Additionally, existing investors Nexus Venture Partners and Quona Capital also participated in the round. The startup said it will use the funds to work with its insurance partners to facilitate a seamless claims experience for its members by co-creating a technology solution to drive a seamless and transparent journey.
Bengaluru-based Onsurity aims to serve 50,000 businesses and 5 million lives by 2026. A portion of the new funding will also be allocated to the company’s efforts to chart its path to profitability. “With the strong support of IFC, Nexus Venture Partners and Quona Capital, we will further intensify our efforts to expand our technology platform that will allow us to extend insurance coverage to a broader spectrum of SMEs, ensuring a comprehensive safety net for their operations. ”said Yogesh Agarwal, founder and CEO of Onsurity.
In August, Onsurity became the fastest new-age insurtech to serve a million lives. More than 80 percent of companies that purchase Onsurity healthcare memberships have ventured into employee healthcare for the first time, the startup stated. “The new injection of funds will fuel our mission to expand our product offering by creating one of the best technology-enabled distribution packages in the industry,” said Kulin Shah, co-founder and COO of Onsurity.
Founded in 2020, Onsurity currently works with over 5,000 companies including Jupiter Money, CleverTap, Porter, Zepto, Sobha Developers, DBS Bank, Pantaloons and Sattva, among others. “Out-of-pocket health care expenses can be a significant burden for SME employees. Health insurance helps SMEs manage their expenses while supporting their employees,” said Wendy Werner, IFC country director in India.
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