[Funding News] Onsurity Secures $26 Mn New Funding Round from Creaegis

In a new round anchored by Creaegis, Onsurity, an employee healthcare platform, has raised Rs 219 crore or $26.4 million. The round was also attended by Nexus Venture Partners and Quona Capital, which are existing investors.

The proceeds will be allocated to the company's general corporate purposes, working capital requirements, expansion, and growth, as determined by the board.

The Registrar of Companies (RoC) has accessed Onsurity's regulatory filing, which indicates that the board has passed a special resolution to issue 10 equity and 6,302 series B1 CCPs at an issue price of Rs 3,48,089 each in order to raise Rs 219 crore or $26.4 million.

Creaegis initiated the round with Rs 176.4 crore, while Nexus Ventures and Quona Capital, who are existing investors, contributed Rs 31.4 crore and Rs 11.9 crore, respectively.

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Post-allotment, OnSurity has been valued at approximately Rs 1,032 crore or $124 million.

Nexus and Quona will control 28.22% and 12.82% of the company, respectively, while Creaegis will retain 17.10% following the influx of new funds.

Onsurity provides subscription-based services that clients can purchase and distribute to their full-time employees, contractors, interns, and consultants. Cyber insurance, D&O liability insurance, and commercial general liability insurance are among the business products that the company provides through its subsidiaries.

About Onsurity

Founded in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity is a HealthTech & Employee Benefits organization, disrupting the SME and startup healthcare market with technology and innovation.

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