"Onsurity will use the investment to continue building its healthcare platform and offerings," a company statement said.
Employees health benefit services firm Onsurity on Wednesday said it has raised USD 16 million (around Rs 118.6 crore) in a funding round led by leading fintech investor Quona Capital. The Series A funding round also saw participation from Clover Healthcare founder and CEO Vivek Garipalli and existing investor Nexus Venture Partners, the company said.
“Onsurity will use the investment to continue building its healthcare platform and offerings,” a company statement said. Small and midsize businesses (SMBs in India employ 3-100 employees and have traditionally had no access to affordable health plans. “Onsurity’s mission is to make high quality employee health benefits and insurance more affordable and accessible to over 35 million SMBs and startups across India, which collectively employ more than 150 million people,” the statement added.
The startup firm provides mediclaim benefits, discounts on medicines and group insurance services through its partners to employees subscribing to its plan. Onsurity co-founder Kulin Shah said that the company at present has around 1,300 small and medium businesses on board which it plans to increase to 10,000 within a year.
“Our experience has taught us that small businesses and startups struggle to find the right employee healthcare plan, and that the process is time-consuming and expensive. And more often than not, health benefit plans deliver a poor customers’ experience when hospitalization and claims are made. It’s a big gap that Onsurity is closing quickly by delivering digital-first, hassle-free products,” Shah said. Onsurity plans to hire around 50 people to strengthen its technology team and customer service.
The company provides monthly subscription plans to both full-time employees and also to contractors, interns and consultants. “Unlike existing solution providers, Onsurity is a true pioneer for unique health benefits solutions, making healthcare available to millions of SMEs who are traditionally underserved. We are thrilled to partner with team Onsurity,” Quona Capital managing partner and co-founder Ganesh Rengaswamy said.