Onsurity, the groundbreaking employee healthcare platform, has successfully sealed a $24 million deal in its Series B financing, with the International Finance Corporation (IFC) taking the lead. Joining the financial fray were returning investors, Nexus Venture Partners and Quona Capital.
This capital infusion comes with a clear roadmap. Onsurity intends to harness the funds to enhance the claims processing experience for its member base by solidifying ties with its insurance allies. Public statements from the firm delineate an ambitious plan, using this fund to fortify ties with a staggering 50,000 businesses in the foreseeable future.
Following a two-year financial lull, this funding round denotes a significant stride for the Bengaluru-based innovator. Previously, in August 2021, Onsurity had secured a hefty $16 million in its Series A funding, orchestrated by Quona Capital. Fast forward to October 2022, and the startup made headlines with former cricket luminary, Anil Kumble, joining their ranks as a strategic advisor.
Onsurity, a brainchild of Yogesh Agarwal and Kulin Shah from 2020, operates on a unique business model. It peddles subscription-oriented services, enabling clients to extend these to their diverse employee spectrum, encompassing permanent staff, contractors, interns, and consultants. Through its subsidiary, the firm offers an eclectic mix of business insurance products, including cyber security, D&O liability, and general commercial liability insurances.
Currently, the company’s partnership portfolio is nothing short of impressive, encompassing over 5,000 reputed names like Jupiter Money, CleverTap, and DBS Bank. By 2026, they aim to quadruple this list, targeting 50,000 business collaborations.
Despite its success, Onsurity navigates a competitive market with rivals such as Plum Insurance and PazCare, all vying for a piece of the SMEs and startup insurance pie.
As the curtain remains drawn on Onsurity’s FY23 financials, FY22 showcased a revenue leap by 4.4X to Rs 14.1 crore. However, parallelly, losses also spiked, reaching Rs 21.63 crore, a substantial increase from the Rs 8.77 crore in FY21.
