New Delhi: Insurtech startup Onsurity has raised USD 24 million in Series B funding led by the World Bank's International Finance Corporation.
Existing investors Nexus Venture Partners and Quona Capital also participated in the round. This takes the total funding raised by the startup to USD 40 million.
The three-year-old startup claimed in August it caters to more than 5,000 businesses across 26 Indian states and three union territories. "More than 80% of businesses purchasing Onsurity healthcare memberships have ventured into employee healthcare for the first time," the company said in its statement.
The insurtech startup will use this funding to build a technological solution, powered by artificial intelligence (AI), aimed at eliminating prolonged waiting periods and uncertainties typically associated with claims. It also aims to grow its partnerships to 50,000 companies and provide coverage to over 5 million lives by 2026.
A portion of this funding will also be allocated towards the company's efforts to chart its path to profitability, the company stated.
Yogesh Agarwal, Founder and CEO, Onsurity, said, “Our goal has always been to revolutionize employee healthcare benefits by making them accessible and easy to use for Indian SMEs. With the strong support of IFC, Nexus Venture Partners and Quona Capital, we will further intensify our efforts to expand our technology platform that will allow us to extend insurance coverage to a broader spectrum of SMEs, ensuring a comprehensive safety net for their operations. "
"The fresh infusion of funds will supercharge our mission to broaden our product offering by creating one of the finest tech-led distribution stacks in the industry," added Kulin Shah, Co-Founder and COO, Onsurity.
The company, through its subsidiary, offers an array of products, including cyber insurance, D&O liability insurance, and commercial general liability insurance, among others under Onsurity Plus.
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