Insurtech Startup Onsurity Secures $24 Mn Funding From IFC, Nexus
Onsurity, an Indian insurtech startup that offers monthly subscription-based insurance solutions to micro, small and medium enterprises (MSMEs), startups and growing businesses, has raised $24 million in a funding round led by the International Finance Corporation (IFC), a member of the World Bank Group. The round also saw participation from existing investors Nexus Venture Partners and Quona Capital.
With the fresh funding, the three-year-old startup has raised $40 million in total. The company plans to use the new funds to expand its product offerings, grow its team and reach out to more customers.
What is Onsurity?
Onsurity is a tech-enabled health insurance platform that offers affordable and customized health insurance plans to MSMEs, startups and growing businesses. The company’s plans are designed to meet the needs of businesses of all sizes, from startups with just a handful of employees to established businesses with thousands of employees.
Onsurity’s plans cover a wide range of medical expenses, including hospitalization, doctor’s consultations, medical tests, and medicines. The company also offers a variety of other benefits, such as telemedicine, wellness programs, and employee assistance programs.
Why is Onsurity important?
In India, only a small percentage of the population has access to health insurance. This is especially true for employees of MSMEs, startups and growing businesses. These businesses often find it difficult to afford traditional health insurance plans, and their employees are often left without adequate health coverage.
Onsurity is making it easier for MSMEs, startups and growing businesses to provide health insurance to their employees. The company’s affordable and customizable plans are designed to meet the needs of businesses of all sizes, and its tech-enabled platform makes it easy for businesses to manage their health insurance plans.
What does the future hold for Onsurity?
Onsurity is well-positioned to capitalize on the growing demand for health insurance in India. The company has a strong team of experienced professionals, a robust technology platform, and a wide range of product offerings.
With the fresh funding from IFC, Nexus Venture Partners and Quona Capital, Onsurity is poised to accelerate its growth and reach out to more customers. The company is also planning to expand its product offerings and launch new innovative health insurance plans.
Overall, the funding round is a positive development for Onsurity and the Indian insurtech sector. It shows that investors are bullish on the potential of the Indian insurtech market and are willing to invest in startups that are offering innovative solutions to meet the needs of Indian businesses and consumers.
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