Onscurity is a startup, which offers advantages associated with SME healthcare benefits. Onsurity managed to attract $21 million in the course of a new funding round. The funding by the private equity firm Creaegis is the final piece in the company’s Series B and boosts the round to $45 million. The new funds will play some crucial roles in executing Onsurity’s aggressive growth strategy and also help to improve the company’s digital DNA.
Image Source: Fintech Global
Funding Details
The $21 million investment is significant for Onsurity as the business aims to grow, expand and diversify its services. This round comes after they raised $24 million in October 2023 from other investors like International Finance Corporation, Nexus Venture Partners, and Quona Capital among others.
The last funding round not only gives the company the required money for expansion but also important skills and connections with related partners. This will be important especially for companies like Onsurity as it continues to try to diversify its product portfolio, optimize customer satisfaction, and grow its customer base.
Vision and Mission of Onsurity
Onsurity is an Indian home healthcare startup that was established in 2020 by Yogesh Agarwal and Kulin Shah. Onsurity has the goal to fill the existing gap and provide proper healthcare insurance solutions to SMEs in India. The company provides a spectrum of digital healthcare and insurance services catering to the SME niche market. These services will include hospitalization coverage, at-home care, and pre and post-hospitalization services.
MyGlamm, Magicpin, DBS, and Naturals are some of the clients that Onsurity has clinched already. In today’s world, the startup offers medical insurance and perks to the employees of over 8,000 companies established across 26 states and 3 union territories in India.
Image Source: Onsurity
Expansion of Onsurity’s Client Base
Onsurity plans to venture into the release of other related digital products to complement the capital which is to be aimed at SMEs. The intended goals include strengthening the technological framework, optimizing the claims management experience of customers, and creating fresh green-field digital solutions. This funding will also help in the growth of Onsurity’s clientele team where the organization has a projected 50,000 companies it aims to achieve by the end of 2026.
Rapid Growth of the Insurtech Sector
Onsurity’s success story detected the role of insurtech in changing the core insurance industry. Through the help of technology, insurtech such as in the case of Onsurity can deliver better products, services and at cheaper prices to its clients.
The outbreak of COVID-19 has further increased the use of new forms of insurance, mainly due to advances in technology and changing consumer needs for remote and more adequate solutions. The fact that Onsurity is targeting SMEs, a space that has traditionally not benefited from the services offered by traditional insurers, places the company in good stead to benefit from this demand.
Conclusion
The funding round of $21 million brought success to Onsurity’s mission to transform SME’s healthcare and insurance services in India. Fully packed with the company vision and supported by top-notch investors, Onsurity is on its way to revolutionizing the field of insurtech and contributing to the growth of SMEs throughout the country.
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