Onsurity Raises $24 million in Series B Funding Round Insurtech platform Onsurity has raised $24 million in a Series B funding round which was led by International Finance Corporation (IFC).
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Insurtech platform Onsurity has raised $24 million in a Series B funding round which was led by International Finance Corporation (IFC). The insurtech startup plans to utilise the funding to work with its insurance partners to facilitate claims experience for its members, according to a statement by Onsurity.
Moreover, these funds shall give a boost to the company's objective to have strong partnerships with over 50,000 companies.
The new round took place after a period of two years, and back in August 2021 it had raised $16 million in its Series A round led by Quona Capital. Former Indian cricketer Anil Kumble had also backed the company as a strategic investor in October 2022.
Onsurity was started in 2020 by Yogesh Agarwal and Kulin Shah, and offers subscription-based services which can be purchased by customers who offer it to their employees and consultants. Currently, Onsurity works with over 5,000 companies, which includes Zepto, DBS Bank, Pantaloons, Jupiter Money and CleverTapPorter among others.
Having an aim to serve 50,000 businesses by 2026, its competition includes the likes of Plum Insurance, Secure Now, PazCare and Nova Insurance. The FY23 financials have not been disclosed by the company as of now, but for FY22, it's revenue from operations went up by 4.4X to INR 14.1 crore when compared to INR 3.22 crore in FY21.