Onsurity Technologies, which operates an eponymous insurtech startup, has concluded its $45 million Series B round, led by private equity firm Creaegis.
The round also saw continued support from existing investors, including International Finance Corporation, Quona Capital and Nexus Venture Partners.
The company will utilise the funding to launch new digital offerings and product lines, with an aim to strengthen the ecosystem of financial solutions available to small and medium-sized enterprises.
A portion of the investment will also be utilised to enhance the company's tech capabilities and develop fully digital greenfield products.
Founded in February 2020, the Bengaluru-based company provides employee healthcare benefits to small and medium-sized enterprises, startups and enterprises. The company has onboarded more than 8,000 companies across 26 Indian states and three union territories.
The company is backed by Creaegis, International Finance Corporation, Nexus Venture Partners, Quona Capital, Whiteboard Capital and other technology investors. In October 2022, cricketer Anil Kumble joined Onsurity as a strategic adviser.
The net sales of the startup rose to Rs 73.1 crore in the financial year ended March 2023 from Rs 14.1 crore a year ago. But, the net losses widened to nearly Rs 59 crore in 2022-23 from nearly Rs 22 crore a year ago, according to VCCEdge, the data and research platform of VCCircle.
“We are thrilled to welcome Creaegis as a partner in our mission to democratise insurance and risk management solutions for India’s SMEs,” Yogesh Agarwal, founder and chief executive officer, Onsurity said.
“Creaegis brings deep expertise in the financial sector and has built a strong portfolio of successful companies, including in the insuretech landscape. Our shared vision of empowering India’s SME ecosystem through value-driven products will undoubtedly drive meaningful impact,” he added.
In October, the company had raised $24 million (nearly Rs 200 crore) in a Series B funding round led by the International Finance Corporation, the private sector investment arm of the World Bank Group.
