Total amount raised
$66.1 Million
Latest funding date
9/1/2024
Location
Onsurity has successfully raised funds through six rounds, with the latest being a Series B round. The company has attracted a total of 24 investors, including notable names like International Finance Corporation and Quona Capital.
Keep reading to explore the intricacies of Onsurity's fundraising journey and the investors backing this innovative platform.
What Is Onsurity?
Onsurity is a private company based in Bengaluru, Karnataka, India, specializing in employee healthcare and wellness. The company offers a range of services, including group health insurance, group term life insurance, health checkups, and access to quality medical professionals.
Founded in an unspecified year, Onsurity has grown to employ between 251-500 people. The company operates in various sectors such as employee benefits, health care, health insurance, InsurTech, and medical, providing customizable and scalable benefits with a digital and paperless process.
How Much Funding Has Onsurity Raised?
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: October 2022
- Lead Investors: Anil Kumble
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain initial capital for product development and market entry.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2020
- Lead Investors: Nexus Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale initial operations.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and increase market reach.
- Series A
- Amount Raised: $16,000,000
- Date: August 2021
- Lead Investors: Quona Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology infrastructure and expand service offerings.
- Series B
- Amount Raised: $24,000,000
- Date: October 2023
- Lead Investors: International Finance Corporation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion plans.
- Series B
- Amount Raised: $26,400,000
- Date: September 2024
- Lead Investors: Creaegis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch additional digital product lines and enhance technology infrastructure.
Total Amount Raised: $66,400,000. Current Valuation: Not publicly disclosed.
Key Investors
- Creaegis
- Details: Creaegis is a private equity firm that led the latest $21 million investment round in Onsurity. The firm focuses on companies offering unique value propositions through digital solutions.
- Investment Focus Areas: Private equity, digital solutions, growth initiatives
- Notable Investments: Onsurity
- International Finance Corporation (IFC)
- Details: IFC is a member of the World Bank Group that participated in the $24 million investment round in October 2023. It aims to improve the lives of people in developing countries through financial inclusion and economic development.
- Investment Focus Areas: Financial inclusion, economic development, developing countries
- Notable Investments: Various sectors promoting economic development
- Anil Kumble
- Details: Anil Kumble is a former Indian cricketer who participated in the angel round of funding for Onsurity. He is known for his contributions to Indian cricket and his involvement in various business ventures.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- Quona Capital
- Details: Quona Capital is a venture capital firm that participated in the $24 million investment round in October 2023. The firm focuses on fintech companies that aim to improve financial inclusion in emerging markets.
- Investment Focus Areas: Fintech, financial inclusion, emerging markets
- Notable Investments: Konfio, ZestMoney, Creditas
- Nexus Venture Partners
- Details: Nexus Venture Partners is a venture capital firm that participated in the $24 million investment round in October 2023. The firm invests in early and growth-stage companies across sectors such as technology, financial services, and healthcare.
- Investment Focus Areas: Technology, financial services, healthcare
- Notable Investments: Delhivery, Druva, Postman
What's Next for Onsurity?
Onsurity is poised for significant growth, with plans to expand its client base from 8,000 to 50,000 companies by 2026. The company aims to launch additional digital product lines and enhance its technology infrastructure, capitalizing on the increasing demand for digital healthcare and insurance solutions tailored to SMEs.
Future fundraising opportunities seem likely as Onsurity continues to scale its operations and improve its offerings. The substantial financial backing from recent funding rounds indicates strong investor confidence, which could pave the way for further investments to support their ambitious goals.
However, Onsurity may face challenges such as scaling operations to meet the needs of a larger client base and navigating regulatory hurdles in the healthcare and insurance sectors. Competition from other InsurTech companies also poses a potential obstacle. Despite these challenges, the company's strategic plans and robust financial support position it well for future success.
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