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Sunday, December 3, 2023

Indian insurtech firm Onsurity secures $24m of funding


Indian insurtech start-up Onsurity has secured funding price $24m (Rs1.9bn) in its collection B financing spherical led by the Worldwide Finance Company (IFC) of the World Financial institution.

The corporate’s present buyers, Nexus Enterprise Companions and Quona Capital, additionally participated within the newest funding spherical.

Onsurity focuses on delivering worker healthcare insurance coverage options to micro, small and medium enterprises (MSMEs), start-ups and rising enterprises on a month-to-month subscription foundation. 

The most recent proceeds take the whole funding raised by the corporate to date to $40m.

Onsurity will use the newest funding to collaborate with insurance coverage companions to ship a seamless claims expertise for members.

The beginning-up plans to design an AI-driven know-how providing to offer a clean expertise for purchasers.

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Onsurity stated founder and CEO Yogesh Agarwal stated: “Our objective has all the time been to revolutionise worker healthcare advantages, making them accessible and user-friendly for India’s SMEs. 

“With the sturdy help of IFC, Nexus Enterprise Companions and Quona Capital, we are going to additional intensify our efforts in scaling our tech-based platform, which can allow us to increase insurance coverage protection to a bigger spectrum of SMEs, making certain a complete security internet for his or her operations.”

The proceeds will even be utilized by Onsurity to collaborate with greater than 50,000 enterprises and provide insurance coverage options for greater than 5 million people by 2026.

The corporate additionally plans to allocate a portion of the funding in direction of its efforts to show it worthwhile. 

Onsurity co-founder and COO Kulin Shah stated: “The contemporary infusion of funds will supercharge our mission to broaden our product choices by crafting one of many best tech-led distribution stacks within the trade.”

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