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Onsurity Founder Yogesh Agarwal and Kulin Shah
Bengaluru-based insurtech startup Onsurity has raised $24 million or close to Rs 200 crore in a new funding round led by World Bank's International Finance Corporation.
The round also saw participation from other existing investors, including Nexus Venture Partners and Quona Capital
How will OnSurity utilize the raised capital?
With this round of funding, the startup plans to leverage AI to build a technology solution to eliminate the prolonged waiting periods and uncertainties for users associated with insurance claims.
Additionally, the startup would focus on strengthening its plans of forging partnerships with more than 50,000 companies and providing coverage to over 5 million lives by 2026.
Prior to this round, OnSurity raised $16 million in a Series A round from Whiteboard Capital, Vivek Garipali, Quona Capital, and Nexus Venture Partners. Concluding the current round, the startup has raised over $40 million in funding till date.
What does OnSurity do?
Founded in February 2020 by Yogesh Agarwal and Kulin Shah, Onsurity Technologies Pvt. Ltd., which owns and operates Onsurity, provides various services like health insurance, health consultation, fitness tracking, teleconsultation, health checkups to SMEs and startups.
The startup offers business products including cyber insurance, D&O liability insurance, and commercial general liability insurance, among others under Onsurity Plus.
The startup serves notable companies
OnSurity claims to have served over 10 lakh lives and currently works with about 5,000 companies, including Jupiter Money, CleverTap, Porter, Zepto, Sobha Developers, DBS Bank, Pantaloons, and Sattva, among others.
Yogesh Agarwal, founder and CEO of Onsurity said, “Our goal has always been to revolutionise employee healthcare benefits, making them accessible and user-friendly for India’s SMEs. With the strong support of IFC, Nexus Venture Partners, and Quona Capital, we will further intensify our efforts in scaling our tech-based platform which will enable us to extend insurance coverage to a larger spectrum of SMEs, ensuring a comprehensive safety net for their operations."
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