Onsurity Raises $45M to Transform SME Healthcare Insurance in India

Onsurity, an Indian InsurTech startup specializing in digital healthcare and insurance solutions for small and medium enterprises (SMEs), has made significant strides since its inception in 2020. Co-founded by Kulin Shah (COO) and Yogesh Agarwal (CEO), the company has been making waves in the market with its recent fundraising success.

Recent Funding Milestone

Recently, Onsurity secured an additional $21 million in a Series B funding round led by private equity firm Creaegis, bringing the total for this round to $45 million. Prior to this, the company had garnered $24 million in funding back in October 2023, with investments from International Finance Corporation (IFC), Nexus Venture Partners, and Quona Capital. These hefty investments reflect the strong confidence investors have in Onsurity’s business model and its growth potential in the InsurTech industry.

Expanding Offerings for SMEs

Onsurity’s range of offerings includes various healthcare benefits aimed at employees of SMEs, such as hospitalization and at-home care. The company proudly serves notable clients like MyGlamm, Magicpin, DBS, and Naturals. With a substantial footprint, Onsurity provides its services to over 8,000 companies across 26 states and three union territories in India. This widespread adoption demonstrates the startup’s robust market presence and the vital services it offers to the SME sector.

Future Plans and Goals

With the fresh influx of capital, Onsurity aims to expand its digital product line, enhance its technology infrastructure, and improve the claims experience for its customers. Part of this expansion includes developing "Onsurity Plus," a suite of business risk insurance solutions specifically designed to address the insurance gap faced by SMEs. The company’s ambitious goal is to amplify its client base to 50,000 companies by 2026, a target that seems more achievable with the recent funding boost.

Industry Impact and Expert Opinions

Kulin Shah underscored the significance of this funding in propelling their innovative product offerings forward. Meanwhile, Creaegis CIO and managing partner Prakash Parthasarathy praised Onsurity’s remarkable achievements in addressing the insurance and risk management needs of SMEs. This alignment of vision highlights a broader market trend where digitally enabled insurance solutions are increasingly resonating with SMEs, a segment historically underserved by traditional insurance models.

Conclusion

Onsurity, a burgeoning Indian InsurTech startup, has carved out a niche in digital healthcare and insurance for small and medium-sized enterprises (SMEs) since its establishment in 2020. The company was co-founded by Kulin Shah, who serves as COO, and Yogesh Agarwal, the CEO. Their vision was to simplify and revolutionize health insurance for the underserved SME sector in India, which often struggles to secure comprehensive and affordable coverage for its workforce.

The startup has garnered attention not only for its innovative solutions but also for its recent successful fundraising efforts. This financial boost provides a solid foundation for Onsurity’s mission to expand its services and reach more businesses in need. By leveraging technology, Onsurity aims to provide more accessible, holistic healthcare and insurance options, addressing a critical gap in the market. Their commitment to transforming the insurance landscape for SMEs has placed them on a rapid growth trajectory, attracting both customers and investors eager to support their vision for a more inclusive future in healthcare.

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