Insurtech platform Onsurity has secured a Series B funding of USD 24 million led by the World Bank’s International Finance Corporation (IFC). Existing investors Nexus Venture Partners and Quona Capital also participated in the round.
The company, which is said to be India’s first SME-focused subscription-based employee healthcare benefits provider, will use the funds to enhance the insurance claiming experience of users through tie-ups with insurance partners. It aims to eliminate prolonged waiting periods and uncertainties typically associated with claims using artificial intelligence (AI) with a focus on transparency utilisation, Onsurity said in a statement on Monday.
The Bengaluru-based insurtech startup aims to forge partnerships with more than 50,000 companies and provide coverage to over five million lives by 2026. A portion of this funding will also be allocated towards the company’s efforts in charting its path to profitability, according to the statement.
With the new funding, Onsurity has raised close to USD 40 million in total.
Founded by Kulin Shah and Yogesh Agarwal in February 2020, Onsurity offers subscription-based healthcare benefits to SMEs (small to medium enterprises), startups and enterprises. It aims to make healthcare benefits accessible to India’s ‘missing middle’.
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