Employee Healthcare Platform Onsurity Raises $16 Mn In Series A Round
The company will use the investment to continue building its healthcare platform and offerings. SMBs in India employ 3-100 employees and have traditionally had no access to affordable health plans
Onsurity, a monthly employee health benefits platform for SMBs and startups, has announced on Wednesday to have raised $16 million in a Series A round of funding led by leading fintech investor Quona Capital, alongside existing investors like Nexus Venture Partners. The round also saw participation from healthcare entrepreneur Vivek Garipalli of Clover Healthcare.
Onsurity will use the investment to continue building its healthcare platform and offerings. SMBs in India employ 3-100 employees and have traditionally had no access to affordable health plans.
"Technology has enabled healthcare to speed up diagnosis and improve patient care but has largely neglected the issues of tedious and cumbersome benefits access and onboarding. With Onsurity, we have built a system from the ground up that will enable every organization—regardless of size—to have access to comprehensive yet affordable healthcare and health benefit options that can be selected, customized, and priced in as little as two minutes," said Yogesh Agarwal, founder, and chief executive officer, Onsurity.
Onsurity's mission is to make high-quality employee health benefits and insurance more affordable and accessible to over 35 million SMBs and startups across India, which collectively employ more than 150 million people.
"Our experience has taught us that small businesses and startups struggle to find the right employee healthcare plan and that the process is time-consuming and expensive. And more often than not, health benefit plans deliver a poor customers' experience when hospitalization and claims are made. It's a big gap that Onsurity is closing quickly by delivering a digital-first, hassle-free product that creates an unparalleled positive customer experience," stated Kulin Shah, co-founder, Onsurity.
While health benefits have traditionally been a privilege enjoyed only by large enterprises and full-time employees in India, Onsurity's health benefits platform and plans have been designed from the ground up to cater to the needs of SMBs.
"Though there are several intermediaries offering health insurance and benefits in India, affordable access to health care benefits—which is a critical part of financial resilience—eludes most of the small businesses and the working people," shared Ganesh Rengaswamy, managing partner and co-founder, Quona Capital. "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."
The company's monthly subscription model offers a single subscription to not only full-time employees but also to contractors, interns and consultants. This has enabled them to provide health benefit plans to food and beverage outlets, retailers and wholesalers, small consulting firms, trading companies, small service centers, boutique marketing agencies and similar SMBs, many of whom are now receiving access to employee health benefits for the very first time through their relationship with Onsurity. Again during the pandemic, their platform has helped SMBs to bring back workforce post lockdowns, the company said.
"Indian enterprises, especially mid-sized ones, lack easy access to health care benefits for their employees and partners. Onsurity is solving this large unmet need with affordable plans and a technology-led approach, right from onboarding to supporting medical care," added Anup Gupta, managing director, Nexus Venture Partners.