Employee healthcare platform Onsurity is making waves in the insurtech sector with its recent achievement of securing $24 million in Series B funding. The funding round, led by the International Finance Corporation (IFC), marks a significant milestone for the Bengaluru-based startup. Onsurity, founded in 2020, offers innovative subscription-based services to businesses, allowing them to provide their employees with comprehensive healthcare and insurance benefits. With this latest infusion of capital, the company plans to enhance its claims experience, expand its partnerships with insurance providers, and target an impressive goal of serving 50,000 businesses by 2026
.
A Strategic Vision:
Onsurity’s primary objective with its Series B funding is to collaborate closely with insurance partners, streamlining the claims process for its members. By doing so, the company aims to improve its clients’ overall healthcare and insurance experience, ultimately enhancing employee satisfaction. Moreover, these funds will empower Onsurity to realize its vision of partnering with over 50,000 companies, showcasing its commitment to the employee wellness space.
Impressive Growth Trajectory:
The Series B funding follows a successful Series A round in August 2021, where Onsurity raised $16 million, with participation from investors such as Quona Capital. This growth attracted the attention of former Indian cricketer Anil Kumble, who joined the company as a strategic advisor in October 2022, further bolstering its reputation.
Founded by Yogesh Agarwal and Kulin Shah, Onsurity has already made significant strides in the insurtech sector. The company’s subscription-based services enable businesses to extend benefits to full-time employees, contractors, interns, and consultants. Moreover, Onsurity’s subsidiary offers a range of business insurance products, including cyber insurance, D&O liability insurance, and commercial general liability insurance, catering to diverse corporate needs.
Expanding Reach and Competition:
Currently collaborating with over 5,000 companies, including well-known names like Jupiter Money, CleverTap, and DBS Bank, Onsurity has set its sights on rapid expansion. The company aspires to serve 50,000 businesses within the next few years. In pursuit of this goal, Onsurity faces competition from the likes of Plum Insurance, Secure Now, PazCare, and Nova Insurance, all of which share a focus on providing group insurance solutions to SMEs and startups. This competitive landscape is driving innovation and raising the bar for employee wellness offerings in the market.
Financial Performance and Future Prospects:
While Onsurity has yet to disclose its financials for FY23, its FY22 results indicate its rapid growth trajectory. Revenue from operations surged by a staggering 4.4 times to reach Rs 14.1 crore compared to Rs 3.22 crore in FY21. However, in pursuing expansion and market share, the company reported increased losses, rising 2.5 times to Rs 21.63 crore in FY22, up from Rs 8.77 crore in FY21, according to TheKredible.
Onsurity’s recent Series B funding, led by the IFC, underscores the company’s commitment to enhancing employee wellness and the overall healthcare experience for businesses. With an ambitious goal of serving 50,000 companies by 2026, Onsurity is well-positioned to lead the way in employee healthcare and insurance.
