Onsurity Secures $24 Mn In Series B From IFC, Nexus Venture Partners, Quona Capital

Onsurity, an SME-focused monthly subscription-led employee healthcare benefits provider, has raised USD 24 million in Series B funding. The round is led by International Finance Corporation (IFC), the largest global development institution. 

Additionally, existing investors Nexus Venture Partners and Quona Capital also participated in the round, the company said in a statement on Monday. 

The insurtech start-up will utilise this funding to work with its insurance partners to facilitate an unparalleled claims experience for its members by co-creating a technology solution to drive a seamless and transparent journey. 

This initiative is particularly geared towards eliminating prolonged waiting periods and uncertainties typically associated with claims. This will ensure that all members experience a fully digital, transparent, and efficient benefits utilisation journey that is powered by Artificial Intelligence (AI).  

The company said that additionally, these funds will bolster the company's vision to forge partnerships with 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.

Speaking on the milestone, Yogesh Agarwal, Founder and CEO, Onsurity said, “With the strong support of IFC, Nexus Venture Partners, and Quona Capital, we will further intensify our efforts in scaling our tech-based platform which will enable us to extend insurance coverage to a larger spectrum of SMEs, ensuring a comprehensive safety net for their operations.”