Onsurity operates an insurtech platform that provides employee healthcare benefits to SMEs, startups and enterprises. The company has onboarded more than 8,000 companies across 26 Indian states and three union territories. It plans to use fresh funding to launch new digital offerings and product lines to strengthen its ecosystem of financial solutions for SMEs. A portion of the investment will be used to enhance the company’s tech capabilities and to develop fully digital greenfield products. Financially, net sales rose to Rs 73.1 crore in the year ended March 2023 from Rs 14.1 crore a year earlier, while net losses widened to nearly Rs 59 crore in 2022–23 from nearly Rs 22 crore the prior year. Onsurity was founded in February 2020 and is based in Bengaluru. Onsurity offers monthly subscription insurance and integrated healthcare and wellness benefits tailored to micro, small and medium enterprises, startups and growing businesses. Its product suite includes health, life, accidental insurance, teleconsultations, OPD benefits, health checkups, fitness memberships, discounted medicines, and business products such as cyber risk insurance, D&O liability and commercial general insurance under Onsurity Plus. The company works with about five insurance partners, several healthcare service partners, unnamed global reinsurers, and has onboarded over 100 hospitals to streamline claims. Onsurity serves over 5,000 enterprise customers and reaches more than one million people across 26 Indian states and three union territories; 80% of its portfolio is SMEs, with a large share of blue-collar and tier-II/III members. It has crossed over $12 million in annual revenue, has seen a 17x revenue increase since its 2021 Series A, and is projecting 10x growth over the next two years. The startup employs about 300 people (20% outside Bengaluru) and plans to hire more while investing in technology and building an AI engine to better match products to SME risk profiles and improve member settlements. Onsurity operates a monthly employee health benefits platform that targets SMBs and start-ups. It focuses on providing affordable health benefits and insurance to small and medium businesses, particularly those with 3–100 employees. The company’s stated mission is to make high-quality employee health benefits and insurance more affordable and accessible to over 35 million SMBs. Onsurity will use the investment to continue building its healthcare platform and offerings. The company recently raised $16 million in a Series A round. Investors in the round include Quona Capital, existing investor Nexus Venture Partners, and healthcare entrepreneur Vivek Garipalli.

Total raised

$85M

Funding rounds

3

Latest round

Series B

Latest activity

Sep 2024