Indian insurance technology firm, Onsurity, has secured $24 million in a Series B funding round, led by the International Finance Corporation (IFC). Current investors Nexus Venture Partners and Quona Capital also participated in the funding round. Onsurity specializes in offering insurance solutions on a monthly subscription basis to micro, small, and medium enterprises (MSMEs), as well as emerging businesses and startups in India. By catering to the unique needs of MSMEs and startups, Onsurity aims to address the gap in the Indian insurance market and promote greater financial inclusion.
The funding will enable Onsurity to expand its offerings, strengthen its technology platform, and further extend its customer base in India. This will provide affordable and comprehensive coverage options to over 63 million MSMEs that support nearly 400 million workers and their relatives.
Bespoke Insurance Solutions for MSMEs
Onsurity designs customizable insurance plans catering to the individual needs of MSMEs, providing them with comprehensive and affordable options. By bridging the insurance gap, Onsurity aims to strengthen the financial security and stability of these businesses, fostering growth within this essential sector of the Indian economy.
In addition to insurance, Onsurity also offers healthcare and wellness benefits. This holistic approach addresses both physical and mental well-being, ensuring a healthy and motivated workforce. Moreover, companies can customize the benefits package to suit their employees’ individual needs, promoting a culture of wellness within the organization.
Onsurity Tackles Cyber Risk Insurance
As part of its product diversification strategy, Onsurity has introduced cyber risk insurance to its product offerings. This plan aims to protect businesses from financial losses incurred due to cyberattacks, data breaches, and other cyber-related threats by providing dedicated coverage and support. Onsurity’s comprehensive cyber risk insurance ensures that businesses can focus on their core operations while safeguarding sensitive data and digital infrastructure.
Comprehensive Business Coverage with Onsurity Plus
The organization also offers D&O liability insurance and commercial general insurance under its Onsurity Plus plan. Onsurity Plus aims to provide comprehensive coverage for businesses, addressing various aspects of liability and protection. This ensures that companies can continue to operate with reduced financial risk and increased peace of mind in the event of unexpected incidents.
Expanding Reach and Accessibility in India
Presently, Onsurity serves over 5,000 enterprise clients throughout 26 Indian states and three union territories, reaching more than a million individuals. As Onsurity continues to expand its operations, it aims to offer even more affordable and accessible healthcare solutions to businesses and their employees across the country.
Remarkable Revenue Growth and Future Plans
The company has earned $12 million in yearly revenue and anticipates a tenfold increase in growth over the coming two years. This impressive growth can be attributed to Onsurity’s innovative products and services gaining traction in the competitive market. As the company continues to develop, it will invest in research and development, improving its product lineup and further solidifying its position as an industry leader.
FAQs about Onsurity’s Funding and Expansion
What is the amount raised by Onsurity in Series B funding round?
Onsurity has secured a total of $24 million in a Series B funding round.
Which organizations led the funding round?
The International Finance Corporation (IFC) led the funding round, with participation from existing investors Nexus Venture Partners and Quona Capital.
What is Onsurity’s primary focus in the insurance market?
Onsurity specializes in offering insurance solutions on a monthly subscription basis to micro, small, and medium enterprises (MSMEs), as well as emerging businesses and startups in India.
What will the funding be used for?
The funding will be used to expand Onsurity’s offerings, strengthen its technology platform, and further extend its customer base in India.
What types of insurance solutions does Onsurity offer?
Onsurity offers bespoke insurance solutions, cyber risk insurance, D&O liability insurance, and commercial general insurance to cater to the unique needs of MSMEs and startups.
How does Onsurity address healthcare and wellness?
In addition to insurance, Onsurity offers healthcare and wellness benefits to ensure the physical and mental well-being of employees, promoting a culture of wellness within the organization.
How many enterprise clients does Onsurity currently serve?
Onsurity currently serves over 5,000 enterprise clients throughout 26 Indian states and three union territories, reaching more than a million individuals.
What is Onsurity’s yearly revenue and projected growth?
Onsurity has earned $12 million in yearly revenue and anticipates a tenfold increase in growth over the coming two years.
Featured Image Credit: Photo by Karolina Grabowska; Pexels; Thank you!
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