- The investment will help the startup to enhance the tech stack and build a great customer experience.
- Angel investors including Kunal Shah, Jitendra Gupta, Gaurav Munjal, Kunal Khattar, Harsh Shah, among others participated in the funding round.
- Onsurity provides healthcare services like group health insurance, teleconsultation, health checkups to businesses and startups.
Bengaluru-based Onsurity, which provides various healthcare services to SMEs and startups, has raised an undisclosed amount of funding from a consortium of customers who now turned to investors in the startup.
The funding round saw participation from several angel investors, including Kunal Shah (CRED), Jitendra Gupta (Jupiter Money), Amit Lakhotia (Park+), Revant Bhate & Dhyanesh Shah (Mosaic Wellness), Gaurav Munjal (Unacademy), Aakrit Vaish (Haptik), Miten Sampat (former Times Internet CSO), Harsh Shah (Fynd), Gourav Bhattacharya (ex- Matrix Partners), Kunal Khattar (AdvantEdge Founders), Sunil Thomas, Anand Jain, and Suresh Kondamudi (Founders of Clevertap).
In a statement, Yogesh Agarwal, Co-Founder of Onsurity, said, The latest investment will help the startup to enhance the tech stack to improve its platform and build a great customer experience. “We look forward to deeply engaging with these industry stalwarts to innovate and further scale and provide every SME the opportunity to provide healthcare their employees deserve,” he said.
The funding announcement comes almost a year after it raised seed funding in March 2020, co-led by AngelList India, Nexus Partners, Whiteboard Capital, angel investors — Prashanth Ranganathan (ex-Paysense), Jonathan Swanson (Cofounder, Thumbtack).
Founded in February 2020 by Yogesh Agarwal and Kulin Shah, Onsurity Technologies Pvt. Ltd., which owns and operates Onsurity, provides various healthcare services like health insurance, health consultation, fitness tracking, teleconsultation, health checkups to SMEs and startups. To date, Onsurity has onboarded over 700 SMEs as healthcare partners with over 70,000 users on its platform.
Some of its prominent customers include WebEngage, 1mg, WhiteHat Jr, Nybmble, Medlife, awfis, Pantaloons, Aditya Birla Group, Maxlife, Zolo, and Park+.
Commenting on the development, Kulin Shah, said, “Angel investors in the startup ecosystem coming in for mentoring and building a business is the norm. But in Onsurity’s case, our customers have turned into investors. This is a unique situation as it is a validation of our vision and the problem statement we are solving.”
“We are proud to be onboarding these remarkable entrepreneurs who are also customers as angel investors,” he added.
According to the InvestIndia report, The healthcare industry in India is expected to touch $132 billion by the year 2023 from $ 61.8 billion in 2017, growing at a CAGR of 16-17%. The Indian government is also planning to increase public health spending to 2.5% of the country’s GDP by the year 2025.