Bengaluru-based insurtech startup Onsurity Technologies recently secured $45 million in its Series B funding round, a significant milestone that promises to enhance healthcare benefits for small and medium-sized enterprises (SMEs) across India. This round was spearheaded by the private equity firm Creaegis, with strong support from existing investors like the International Finance Corporation, Quona Capital, and Nexus Venture Partners. Founded in February 2020, Onsurity has already made impressive strides, onboarding over 8,000 companies across 26 Indian states and three union territories. This fresh infusion of capital will undoubtedly bolster the company’s digital offerings, product lines, and technological capabilities, thus extending its reach and impact on the SME sector.
Strategic Use of Funds
The $45 million raised will be instrumental in launching new digital and greenfield products aimed at providing more comprehensive healthcare benefits to SMEs. These innovations will not only strengthen Onsurity’s service capabilities but also make healthcare more accessible and efficient for smaller businesses, which often struggle to offer robust employee benefits due to financial and logistical constraints. The funding will enable Onsurity to enhance its digital platform, thus streamlining the process through which companies can access and manage employee healthcare benefits. Additionally, technology upgrades funded by this investment are expected to improve the user experience, making it easier for SMEs to onboard and integrate these solutions into their existing operations.
Financial backing from prominent investors like Creaegis and ongoing support from International Finance Corporation, Quona Capital, and Nexus Venture Partners reflect growing confidence in Onsurity’s business model and its potential to disrupt the traditional healthcare benefits industry in India. It’s worth noting that this comes on the heels of a previous funding round in October that raised $24 million, led by the International Finance Corporation. These continuous investments highlight a clear trend: investors are increasingly recognizing the value and market potential in insurtech solutions tailored for SMEs, which constitute the backbone of India’s economy.
Impact on Onsurity’s Growth and SME Ecosystem
Bengaluru-based insurtech startup Onsurity Technologies recently achieved a significant milestone by securing $45 million in its Series B funding round. This substantial investment promises to revolutionize healthcare benefits for small and medium-sized enterprises (SMEs) throughout India. The funding round was led by private equity firm Creaegis, supported strongly by existing investors such as the International Finance Corporation, Quona Capital, and Nexus Venture Partners. Founded in February 2020, Onsurity has rapidly advanced in its field, successfully onboarding over 8,000 companies across 26 Indian states and three union territories. This fresh influx of capital will significantly enhance the company’s digital offerings, broadening its product lines and technological capabilities. Consequently, Onsurity’s ability to impact the SME sector will be greatly magnified. This new funding will enable them to offer more comprehensive healthcare benefits, aiming to fill a crucial gap in the marketplace and make a meaningful difference to SMEs across the nation.