New Delhi, India – Onsurity, a leading employee healthcare platform, has concluded a substantial $45 million Series B funding round, led by renowned private equity fund Creaegis. This significant investment brings the total funding raised by the insurtech startup to $66 million, solidifying its position as a pioneer in the Indian employee healthcare market.
The round saw participation from existing investors, including International Finance Corporation, Quona Capital, and Nexus Venture Partners, who have shown confidence in Onsurity’s vision to provide comprehensive, affordable healthcare solutions to Indian small and medium-sized enterprises (SMEs). As part of the funding, Creaegis will hold 17.10% of the company, while Nexus and Quona will hold 28.22% and 12.82%, respectively.
Key Highlights:
- Onsurity has onboarded over 8,000 companies, impacting more than 1.5 million lives across 26 states and 3 union territories in India.
- The company aims to accelerate its vision of partnering with over 50,000 companies and extending coverage to more than 5 million lives by 2026.
- The fresh investment will be utilized to launch new digital offerings and product lines, enhancing the company’s tech capabilities and strengthening the ecosystem of financial solutions available to Indian SMEs.
- Onsurity has been valued at around Rs 1,032 crore or $124 million post-allotment.
Founders’ Vision:
Founded in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based services that its customers can purchase and offer it to their full-time employees, contractors, interns, and consultants. The company’s mission is to provide accessible, innovative healthcare solutions that cater to the unique needs of Indian businesses.
Creaegis’ Investment Portfolio:
Creaegis, the lead investor, recently closed its inaugural fund of about $426 million to support Indian startups. Its investment portfolio includes companies like Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics.
This significant milestone marks a crucial step in Onsurity’s journey to democratize access to quality healthcare for Indian SMEs. With the expertise and resources brought on board through this investment, the company is poised to expand its offerings, deepen its impact, and cement its position as a leader in the