Bengaluru-based insurtech startup Onsurity Technologies has successfully closed a $45 million Series B funding round led by private equity firm Creaegis. Some of the notable participation was from existing investors including International Finance Corporation (IFC), Quona Capital and Nexus Venture Partners.
The fresh capital will fuel expansion of Onsurity’s digital offerings and product lines to mainly enhance financial solutions for small and medium-sized enterprises (SMEs). Part of the funding will also be directed towards strengthening the technological capabilities of the company and developing fully digital as well as greenfield products aimed at transforming the SME insurance space.
Onsurity Technologies was founded in 2020 and provides comprehensive employee healthcare benefits to SMEs, startups and larger enterprises. The company has onboarded more than 8,000 businesses across 26 states and three union territories in India. Its mission is to democratize insurance by offering accessible and affordable coverage to SMEs.
Its financial performance reflects significant growth with net sales climbing to Rs 73.1 crore in the financial year ending March 2023. The figure was Rs 14.1 crore in the previous year. The company also reported widened net losses of Rs 59 crore in FY23. The figure was Rs 22 crore in FY22.
Onsurity is also backed by several prominent investors such as IFC, Nexus Venture Partners, Quona Capital and Whiteboard Capital. The startup raised last year $24 million in a Series B round led by IFC. Cricket legend Anil Kumble joined Onsurity as a strategic advisor in October 2022 and this brought further credibility to the company’s leadership team.
With this new round of funding, Onsurity is poised to continue its rapid expansion and further its goal of transforming healthcare benefits for India’s SMEs.
