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With $16 mn in Series A, Onsurity aims to solve SMB health insurance woes

With $16 mn in Series A, Onsurity aims to solve SMB health insurance woes
Photo Credit: 123RF.com

Bengaluru based employee health benefits platform Onsurity on Tuesday said it has raised a Series A funding round of $16 million (about Rs 118.6 crore) led by Quona Captial along with existing investors Nexus Venture partners and Whiteboard Capital.

The round also saw participation from Founder and CEO of Clover Healthcare Vivek Garipalli.

Onsurity, in a statement, said that it will use the fresh capital to continue building its healthcare platform and offerings.

The company is trying to address the SMB market in India. These companies, in the size bracket of 3-100 employees, usually lack access to healthcare insurance or health plans.  

The potential market for Onsurity has about 35 million SMBs and startups, with an estimated 150 million employees.

“With Onsurity, we have built a system from the ground up that will enable every organisation—regardless of size—to have access to comprehensive yet affordable healthcare and health benefit options that can be selected and customized,” Yogesh Agarwal, founder and CEO of Onsurity, said.  

Onsurity was founded in February 2020 by Yogesh Agarwal and Kulin Shah to create a self-serve platform where organisations can purchase flexible and customized health benefit subscriptions.

The company offers a monthly subscription model to full-time employees, as well as contractors, interns and consultants. Verticals covered by the company include food and beverage outlets, retailers, wholesalers, small consulting firms, trading companies, small service centres, boutique marketing agencies and similar functioning SMBs.

“Unlike existing solution providers, Onsurity is a true pioneer for unique health benefits solutions, making healthcare available to millions of SMEs who are traditionally underserved. We are thrilled to partner with team Onsurity,” Ganesh Rengaswamy, Managing Partner and co-founder of Quona Capital, said.

Some of Onsurity’s clients include the likes of Cred, Jupiter Money, Pantaloons, Zolo Stays, Webengage, Whitehat Jr, and Park+ among others.  

The lead investor in the round, Quona Capital is a venture firm focused on the fintech market in the emerging markets of South and Southeast Asia, Latin America and Africa. The other lead investor, Nexus Venture Partners, is an India-US combined venture fund that has companies such as Delhivery, Unacademy, Clover, Turtlemint, Postman, Druva and Paysense in its portfolio.