Insurtech Startup Onsurity Raises $21 Mn from Creaegis, Closes Series B Round at $45 Mn
- ByStartupStory | September 16, 2024
Small and medium enterprises (SMEs)-focused insurtech startup Onsurity has successfully raised an additional $21 Mn in its latest funding round, led by private equity firm Creaegis. This investment closes Onsurity’s Series B round at a total of $45 Mn. The startup previously raised $24 Mn in October 2023 from International Finance Corporation (IFC), Nexus Venture Partners, and Quona Capital as part of the same round.
Onsurity, founded by Kulin Shah and Yogesh Agarwal in 2020, aims to utilize the fresh funds to launch new digital offerings and product lines targeted at SMEs. Additionally, the startup plans to enhance its technology stack, improve the claims process, and create new digital “greenfield” products.
“Onsurity Plus, our suite of business risk insurance solutions, will also gain from this boost, enabling us to launch more innovative products soon,” said Kulin Shah, cofounder and COO of Onsurity, in a statement.
Onsurity is an employee healthcare benefits provider and claims to have onboarded more than 8,000 companies across 26 states and three union territories in India. The startup offers comprehensive healthcare solutions to its client companies, including hospitalization coverage, healthcare-at-home services, and pre- and post-hospitalization expenses for employees.
The startup has raised over $40 Mn prior to this round, according to estimates by Inc42. Notably, former cricketer Anil Kumble invested in Onsurity in October 2022 and also serves as a strategic advisor to the company.
Among its current clients are companies such as MyGlamm, Magicpin, Bombay Locale, DBS, and Naturals. With the new funding, Onsurity aims to expand its client base to 50,000 companies by 2026. In the competitive insurtech space, it faces rivals such as Loop Health, Acko, and Plum Insurance.
On joining Onsurity’s cap table, Creaegis’s Chief Investment Officer and managing partner Prakash Parthasarathy said, “Onsurity has made significant progress in addressing this gap (in insurance and risk management products for SMEs) by offering a unique value proposition through its digitally-enabled healthcare and insurance solutions that cater to the evolving needs of Indian SMEs.”
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