Onsurity, an insurtech business, obtains $24 million in funding, with the help of the IFC

 Onsurity, an insurtech business, obtains $24 million in funding, with the help of the IFC

Onsurity, an insurtech business, has secured $24 million in Series B investment, which was spearheaded by the International Finance Corporation of the World Bank.

Existing investors Quona Capital and Nexus Venture Partners took part in the round as well. This brings the startup's total capital raised to $40 million.

In August, the three-year-old firm said that it serves more than 5,000 enterprises throughout 26 Indian states and three union territories. The firm said in its statement that "over 80% of businesses purchasing insurance memberships from Onsurity have ventured into employees healthcare for the first time."

The insurtech business will utilize this money to develop an artificial intelligence (AI)-powered technology solution targeted at removing the lengthy waiting times and uncertainty often connected with claims. By 2026, it also hopes to have 50,000 business partners and reach more than 5 million people.

According to the corporation, a part of this cash will also be used to help the business plan its route to profitability.

The founder and CEO of Onsurity, Yogesh Agarwal, said, "Our mission has always been to revolutionize employee healthcare benefits by making them affordable and convenient for India's SMEs. We will continue to step up our efforts to scale our tech-based platform with the backing of IFC, Nexus Venture Partners, and Quona Capital in order to provide insurance coverage to a wider range of SMEs and provide a complete safety net for their operations.

Kulin Shah, co-founder and COO of Onsurity, stated that the new round of funding will "supercharge our mission in expanding our product offerings by crafting one of the premier tech-led distribution stacks in the industry."

The firm, via its subsidiary, provides a variety of products under the Onsurity Plus brand, including cyber insurance, D&O liability insurance, and commercial general liability insurance.