Employee healthcare platform Onsurity closes $45 million Series B round

Bengaluru-based employee healthcare platform Onsurity has reportedly closed the Series B funding round, raising $45 million (or about Rs 377 crore).

The investment was led by private equity fund Creaegis, with participation from existing investors existing investors, including International Finance Corporation, Quona Capital and Nexus Venture Partners.

Purpose of the fundraising

According to the media reports, Onsurity plans to use the raised capital to launch new digital offerings and product lines with the aim to strengthen the ecosystem of financial solutions available to Indian SMEs.

Additionally, the four-year-old startup will also focus on enhancing its technology capabilities. Prior to this, the startup raised $24 million in the first tranche of Series B funding round in October last year.

What does Onsurity do?

Founded by Yogesh Agarwal and Kulin Shah, Onsurity provides subscription-based healthcare services, which can be offered by companies to their full-time employees, contractors, interns, and consultants.

The startup, through its subsidiary, offers business products including cyber insurance, D&O liability insurance, and commercial general liability insurance, among others.

It claims to have onboarded over 8,000 companies, impacting more than 1.5 million lives across 26 states and 3 union territories in India.