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Indian insurtech start-up Onsurity Secures $24m in Funding

Indian insurtech start-up Onsurity has secured funding worth $24m (Rs1.9bn) in its series B financing round led by the International Finance Corporation (IFC) of the World Bank.

The company’s current investors, Nexus Venture Partners and Quona Capital, also participated in the latest funding round.

Onsurity focuses on delivering employee healthcare insurance solutions to micro, small and medium enterprises (MSMEs), start-ups and growing enterprises on a monthly subscription basis.

The latest proceeds take the total funding raised by the company so far to $40m.

Onsurity will use the latest investment to collaborate with insurance partners to deliver a seamless claims experience for members.

The start-up plans to design an AI-driven technology offering to provide a smooth experience for customers.

Onsurity aims to fill the gap with its suite of offerings designed specifically for MSMEs enterprises and emerging businesses. It also integrates healthcare and wellness benefits to let enterprises — irrespective of their size — allow their employees to access health checkups, fitness membership, doctor consultation and discounted medicines, among other services.

Further, the Bengaluru-based startup recently expanded its product line by introducing cyber risk insurance to let businesses protect their online presence with dedicated coverage against privacy and security breach instances. It also offers other business products including D&O liability insurance and commercial general insurance under Onsurity Plus.


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