The World Bank’s International Finance Corporation led a $24 million Series B funding round for the insurtech startup Onsurity. Existing investors Quona Capital and Nexus Venture Partners took part in the round as well.
The insurtech company will use the funds to develop an artificial intelligence (AI)-powered technology product aimed at removing the lengthy waiting times and unpredictability typically connected with claims.
Yogesh Agarwal, founder and CEO, Onsurity said, “Our goal has always been to revolutionise employee healthcare benefits, making them accessible and user-friendly for India’s SMEs. 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.”
According to the company, part of this financing will also be used to help the business plan its route to profitability.
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In August, the three-year-old startup asserted that it serves more than 5,000 businesses across 26 Indian states and 3 union territories.
Affordable employee healthcare and benefits was the primary issue that SMEs and enterprises needed help with when Onsurity was founded. In turn, this promotes worker happiness and helps SMEs grow their workforce by increasing productivity, talent attraction, and employee retention.
With technology and innovation, the HealthTech & Employee Benefits company Onsurity is upending the SME and startup healthcare market.