Onsurity, an Indian insurtech start-up focused on SMEs, has raked in a further $21m (Rs1.76bn), led by private equity fund Creaegis.
This investment marks the closure of its Series B round, with a total of $45m, Inc42 reported.
Go deeper with GlobalData
The insurtech company previously secured $24m in October last year from investors including Nexus Venture Partners, International Finance Corporation and Quona Capital.
The fresh infusion is earmarked for the launch of digital offerings and product lines tailored for SMEs.
Onsurity also plans to utilise the capital to enhance its technology stack, improve the claims process and develop new greenfield digital products.
Onsurity co-founder and chief operating officer Kulin Shah said: “Onsurity Plus, our suite of business risk insurance solutions, will also gain from this boost, enabling us to launch more innovative products soon.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOnsurity, established in 2020 by Yogesh Agarwal, the company’s CEO, and his co-founder, has made significant strides in the employee healthcare benefits sector.
The company currently has more than 8,000 client companies from 26 states and three union territories in India, providing a range of services.
These services include healthcare at home and hospitalisation coverage, as well as covering pre and post-hospitalisation expenses for employees.
So far, Onsurity has raised more than $40m, according to Inc42 estimates.
The company also enjoys support from notable personalities including former Indian cricketer Anil Kumble, who not only invested in Onsurity in October 2022 but also serves as a strategic advisor.
It has a client roster that includes MyGlamm, Magicpin, Bombay Locale, DBS and Naturals.
Post-fundraising, the company aims to expand its client base to 50,000 companies by 2026. In the competitive insurtech landscape, Onsurity stands alongside other key players such as Acko, Loop Health and Plum Insurance.
Creaegis’s chief information 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.”
