Insurtech Firm Onsurity Secures $24M in Series B Led by IFC
- ByStartupStory | October 9, 2023
Insurtech platform Onsurity has successfully raised $24 million in a Series B funding round, with the World Bank’s International Finance Corporation (IFC) taking the lead. The funding round also saw participation from existing investors Nexus Venture Partners and Quona Capital. Onsurity, known as India’s first SME-focused subscription-based employee healthcare benefits provider, plans to utilize these funds to enhance the insurance claiming experience for its users through partnerships with insurance providers.
The primary goal is to eliminate the typical extended waiting periods and uncertainties associated with insurance claims, with a strong focus on transparency and utilization, achieved through the implementation of artificial intelligence (AI). The insurtech startup, headquartered in Bengaluru, aims to establish partnerships with over 50,000 companies and provide coverage to more than 5 million lives by 2026. A portion of the funding will also be directed toward the company’s efforts to achieve profitability.
With this latest funding round, Onsurity has now raised close to $40 million in total. Founded in February 2020 by Kulin Shah and Yogesh Agarwal, Onsurity offers subscription-based healthcare benefits to SMEs (small to medium enterprises), startups, and larger corporations, with the aim of making healthcare benefits accessible to India’s ‘missing middle.’
The company has catered to a wide range of businesses, from small teams of three to well-established enterprises with over 1,000 employees. Onsurity’s diverse and inclusive member base includes business executives, startup employees, gig workers, and their dependents. Interestingly, over half of Onsurity’s members are blue-collar workers, and nearly 40% come from Tier II and Tier III cities.
Onsurity’s impact extends to 26 Indian states and three union territories, with over 80% of businesses purchasing healthcare memberships from Onsurity for the first time, according to the company.
Kulin Shah, Founder and CEO of Onsurity, stated, “The fresh infusion of funds will supercharge our mission to broaden our product offerings by crafting one of the finest tech-led distribution stacks in the industry. It underscores our commitment to shaping innovative partnerships, exploring new geographies, and penetrating underserved customer segments.”
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Wendy Werner, IFC Country Head, India, emphasized the importance of insurance coverage for economic risk management and enhancing social security, stating, “Our recent funding underscores our dedication to a technology platform that improves accessibility to employer-sponsored health insurance services.”
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