Bengaluru-based employee healthcare platform Onsurity has reportedly closed Series B funds round, raising $45 million (or around Rs 377 crore).
The investment was led by private equity fund Creaegis, with participation from existing investors including International Finance Corporation, Quona Capital and Nexus Venture Partners.
Purpose of fundraising
According to media reports, Onsurity plans to use the capital raised to launch new digital offerings and product lines with the aim of strengthening the ecosystem of financial solutions available to Indian SMEs.
Additionally, the four-year-old startup will also focus on enhancing its technological capabilities. Prior to this, the startup raised $24 million in the first tranche of Series B funding round in October last year.
What does Onsurity do?
Founded by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based healthcare services that companies can offer to their full-time employees, contractors, interns, and consultants.
The startup, through its subsidiary, offers business products including cyber insurance, D&O liability insurance and commercial general liability insurance, among others.
It claims to have onboarded over 8,000 businesses, impacting over 1.5 million lives across 26 states and 3 union territories in India.
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