- Indian startup Onsurity has secured $24 million in a Series B funding round led by the International Finance Corporation (IFC), part of the World Bank. Existing investors Nexus Venture Partners and Quona Capital also participated in the funding.
- Onsurity offers monthly subscription-based insurance solutions tailored to micro, small, and medium enterprises (MSMEs), startups, and growing businesses.
- The startup aims to address the insurance gap in India, where traditional insurers typically focus on motor, retail health, and large corporate insurance, leaving a significant portion of the MSME market underserved.
- Onsurity provides a suite of insurance offerings designed for MSMEs, including health, life, and accidental insurance, as well as access to health checkups, teleconsultations, and other wellness benefits.
- The startup recently introduced cyber risk insurance to protect businesses against privacy and security breaches, expanding its product line.
- Onsurity collaborates with insurance partners and hospitals to enhance customer claims experiences and integrate insurance seamlessly into its services.
- The company has attracted over 5,000 enterprise customers, reaching over a million people across 26 Indian states and three union territories. It serves a diverse customer base, including business executives, startup employees, gig workers, and their dependents.
- Onsurity’s growth plans include expanding its customer base to over 50,000 companies, covering more than 5 million lives by 2026.
- The startup also intends to invest in technology, including an AI engine to identify suitable insurance products for SME customers based on their specific risks.
- Onsurity has achieved over $12 million (100 crores Indian rupees) in annual revenue and is projecting 10x growth over the next two years.
- The funding will support Onsurity’s mission to improve accessibility to employer-sponsored health insurance services and provide economic risk management and social security for SMEs.
