Indian Startup Onsurity Raises $24 Million Led by IFC for SME-focused Subscription-based Insurance Solutions
Biz World Editorial
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.
