Onsurity is an employee healthcare platform that has secured Rs 219 crore in its fresh funding round. This round was led by Creaegis and had the participation of other investors including Nexus Ventures. Creaegis led the round with Rs 176.4 crore followed by Nexus Ventures with Rs 31.4 crore and the rest of the Rs 11.9 crore came from Quona Capital. The startup plans to use these proceeds to scale its operations, advance its technologies, and enhance its platform while developing its market presence.
The board has approved a special resolution to allot 6,302 series B1 CCPS and 10 equity at an issue price of Rs 3,48,089 each to raise 26.4 million USD. According to the company filing, the startup will use these fresh proceeds for growth, working capital, and market expansion. The startup offers subscription-based monthly services and a wellness membership plan for employees. The company also provides group health, discounts on medicine, health check-ups, and other benefits. The startup provides a medical services platform that uses various technologies to offer its customers doctor teleconsultation and other health-related services. This investment shows investor’s trust in Onsurity’s market potential and business model.
The startup claims to provide business products through its subsidiary including cyber insurance, commercial general liability insurance, and more. After this round, the existing investor Nexus Ventures holds the largest stake with 28.22 percent. Creaegis accounts for 17.10 percent of the total stake followed by Quona with 12.82 percent of the firm’s stake. Onsurity has raised around 66 million USD across multiple funding rounds since its inception, including $24 million secured during a series B funding round. The data intelligence platform, thekredible mentioned the company’s post-allotment valuation to be around 124 million USD.
The company offers saas based monthly wellness or healthcare memberships with benefits. The startup intends to use some of this fund to strengthen its platform, make it more secure, and expand its brand presence in India. OnSurity aims to advance its technology and transform the healthcare ecosystem globally. The startup offers a platform that provides various insurance benefits and medical services. The healthcare platform has around 14 institutional investors including IFC, Nexus Venture Partners, and QED Capital. The company faces competition from other employee health benefit platforms including Grand Rounds, Accolade, and Hinge Health.
Conclusion :
Onsurity is a Bengaluru-based startup offering an employee health benefit offering platform for medical and insurance services. The startup got fresh capital of 26.4 million USD from Cregais and other investors. The funding round had participation from several investors including Quona Capital and Nexus Ventures. The company plans to use this amount to scale its operations, improve its platform, develop its market presence, and advance its technology. Creaegis led the round with a Rs 176.4 crore investment followed by Nexus with Rs 31.4 crore and the remaining Rs 11.9 crore was invested by Quona Capital. After this round, the existing investor Nexus Ventures holds the largest external stake with 28.22 percent. The company’s board passed the resolution to allot 10 equity and 6,302 B1 series CCPs at an issue price of Rs 3,48,089 each to raise $26.4 million.
