Bengaluru-based employee healthcare platform, Onsurity, has successfully closed its $45 million Series B round, raising approximately INR 377 crore. The funding round was led by private equity firm Creaegis, with continued participation from existing investors such as International Finance Corporation, Quona Capital, and Nexus Venture Partners. This marks a significant milestone in the company’s journey, positioning it as a major player in the Indian employee healthcare and financial solutions sector.
Purpose of the Fundraising
The funds raised in this $45 million Series B round will be utilized by Onsurity to launch new digital offerings and expand its product lines. The primary goal is to strengthen the ecosystem of financial and healthcare solutions for India’s small and medium enterprises (SMEs). With this funding, the company aims to scale its services and make comprehensive healthcare and financial tools more accessible to SMEs, which have long struggled to offer quality healthcare benefits to their employees.
Moreover, Onsurity plans to invest in enhancing its technology capabilities, ensuring a smoother and more efficient experience for businesses using its platform. This comes as part of Onsurity’s broader vision to transform employee healthcare in India by integrating innovative digital solutions with a focus on convenience and affordability.
Previous Funding and Growth
Prior to this Series B funding, Onsurity had raised $24 million in the first tranche of its Series B round in October 2023. Since then, the company has seen rapid growth, securing its position as a key provider of healthcare solutions for SMEs in India.
What Does Onsurity Do?
Founded by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based healthcare services that businesses can extend to their full-time employees, contractors, interns, and consultants. This allows companies of all sizes to provide comprehensive health benefits, ensuring employee well-being while promoting a healthier and more productive workforce.
Onsurity’s services go beyond traditional healthcare offerings. The startup, through its subsidiary, provides business insurance products, including cyber insurance, D&O liability insurance, and commercial general liability insurance, among others. These additional services offer companies comprehensive coverage for various business risks, further solidifying Onsurity’s role as a key player in the employee benefits space.
Impact and Expansion
Over the past four years, Onsurity has rapidly expanded its reach, onboarding more than 8,000 companies and impacting the lives of over 1.5 million people across 26 states and 3 union territories in India. The startup has created a significant impact on India’s SME sector by enabling these businesses to offer high-quality healthcare and insurance benefits to their employees without the high costs typically associated with such services.
With the new funds from the $45 million Series B round, Onsurity is poised to scale its operations even further. The company’s focus on technology-driven solutions is expected to lead to more innovative products that will cater to the evolving needs of Indian businesses. Onsurity’s mission to democratize healthcare and financial solutions for SMEs is well-aligned with the ongoing digital transformation of the Indian economy, making it an essential player in this sector.
Conclusion: Onsurity’s Growth Trajectory
By successfully closing its $45 million Series B round, Onsurity has solidified its position as a leading healthcare platform for Indian SMEs. With the backing of major investors like Creaegis, International Finance Corporation, and Quona Capital, the company is set to launch new products, enhance its technology, and expand its impact across India. Onsurity’s commitment to providing accessible healthcare and financial solutions to small and medium enterprises continues to drive its growth and innovation in the sector.
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