Onsurity, the subscription-led employee healthcare provider for small and medium businesses, has secured $24 million in Series B funding. International Finance Corporation (IFC) and current investors like Nexus Venture Partners, Quona Capital, and White Board contributed to this funding.
The funds will be used to collaborate with insurance partners and develop a technology solution for a smooth and transparent claims process.
The funding aims to reduce long waiting times and uncertainties related to claims. It will support the company in growing its customer base to more than 50,000 companies and offering coverage to over 5 million workers by 2026.
Onsurity offers employee healthcare benefits such as insurance, outpatient consultations, health checkups, and wellness packages through its super app.
Yogesh Agarwal, founder and CEO, Onsurity, said, “Our goal has always been to revolutionize 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.”
“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,” Kulin Shah, co-founder and COO, Onsurity, added.