Onsurity, an Indian insurtech start-up centered on SMEs, has raked in an additional $21m (Rs1.76bn), led by non-public fairness fund Creaegis.
This funding marks the closure of its Sequence B spherical, with a complete of $45m, Inc42 reported.
The insurtech firm beforehand secured $24m in October final yr from buyers together with Nexus Enterprise Companions, Worldwide Finance Company and Quona Capital.
The contemporary infusion is earmarked for the launch of digital choices and product traces tailor-made for SMEs.
Onsurity additionally plans to utilise the capital to reinforce its expertise stack, enhance the claims course of and develop new greenfield digital merchandise.
Onsurity co-founder and chief working officer Kulin Shah mentioned: “Onsurity Plus, our suite of enterprise danger insurance coverage options, can even acquire from this increase, enabling us to launch extra modern merchandise quickly.”
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Onsurity, established in 2020 by Yogesh Agarwal, the corporate’s CEO, and his co-founder, has made vital strides within the worker healthcare advantages sector.
The corporate at present has greater than 8,000 consumer firms from 26 states and three union territories in India, offering a spread of companies.
These companies embrace healthcare at residence and hospitalisation protection, in addition to overlaying pre and post-hospitalisation bills for workers.
To date, Onsurity has raised greater than $40m, in line with Inc42 estimates.
The corporate additionally enjoys help from notable personalities together with former Indian cricketer Anil Kumble, who not solely invested in Onsurity in October 2022 but in addition serves as a strategic advisor.
It has a consumer roster that features MyGlamm, Magicpin, Bombay Locale, DBS and Naturals.
Publish-fundraising, the corporate goals to develop its consumer base to 50,000 firms by 2026. Within the aggressive insurtech panorama, Onsurity stands alongside different key gamers reminiscent of Acko, Loop Well being and Plum Insurance coverage.
Creaegis’s chief info officer and managing accomplice Prakash Parthasarathy mentioned: “Onsurity has made vital progress in addressing this hole (in insurance coverage and danger administration merchandise for SMEs) by providing a singular worth proposition by its digitally enabled healthcare and insurance coverage options that cater to the evolving wants of Indian SMEs.”
