Onsurity, an SME-focused monthly subscription-led employee healthcare benefits provider, has raised $24 million in Series B funding. The round is led by global development institution International Finance Corporation (IFC). Additionally, existing investors Nexus Venture Partners and Quona Capital also participated in the round. 

The insurtech start-up will utilise this funding to work with its insurance partners to facilitate an unparalleled claims experience for its members by co-creating a technology solution to drive a seamless and transparent journey.

Additionally, these funds will bolster the company's overarching vision to forge partnerships with 50,000+ companies and provide coverage to over 5 million lives by 2026. A portion of this funding will also be allocated towards the company's efforts to chart its path to profitability, it added. 

Speaking on the milestone, Yogesh Agarwal, founder and CEO of Onsurity said, “We are immensely proud of reaching this milestone. 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.” 

Kulin Shah, co-founder and COO of Onsurity said, “India's SMEs stand at the threshold of a transformative era. The fresh infusion of funds will supercharge our mission to broaden our product offerings by crafting one of the finest tech-led distribution stacks in the industry.” 

In August, Onsurity became the fastest new-age insurtech to serve a million lives. The company’s reach spans 5,000+ businesses, leaving an impact on SMEs in 26 Indian states and 3 union territories. It's noteworthy that over 80 per cent of businesses purchasing healthcare memberships from Onsurity have ventured into employee healthcare for the first time, said the company. 

“The availability of insurance coverage is vital for economic risk management and bolstering social security. Our recent funding underscores our dedication to a technology platform that improves the accessibility of employer-sponsored health insurance services," said Wendy Werner, IFC country head in India. "Out-of-pocket healthcare expenses can be a significant burden for employees of SMEs. Health insurance helps SMEs manage their expenses while supporting their employees."  

Founded in February 2020, Onsurity is a Bengaluru-based employee healthcare benefits provider for India's SMEs, start-ups, and enterprises. The company has served 10,00,000+ lives and currently works with 5,000+ companies, including Jupiter Money, CleverTap, Porter, Zepto, Sobha Developers, DBS Bank, Pantaloons, and Sattva, among others.