Onsurity, Indian insurtech, secures $24M

Onsurity recently secured $24M funding round, led by the World Bank's IFC, boosting their overall raised capital to $40M.

• Why Onsurity? India boasts a bustling business ecosystem of over 63 million enterprises catering to a vast population. However, mainstream insurers often neglect this sector, creating a yawning coverage gap. Onsurity aims to fill this void, offering bespoke, subscription-based insurance services tailored for these businesses.

• More than Just Insurance: Onsurity extends beyond insurance - it offers comprehensive wellness and healthcare perks. These benefits range from health checkups and fitness memberships to online doctor consultations and discounted medication, making healthcare accessible for businesses of all sizes.

• What's New? Onsurity continues to innovate, recently introducing cyber risk insurance to safeguard online privacy and security. Their product suite also includes D&O liability insurance and commercial general insurance under Onsurity Plus.

• The Team: Onsurity owes its success to its founders Yogesh Agarwal (CEO) and Kulin Shah (COO), who bring extensive knowledge and experience from the insurance industry.

• Partnerships: Onsurity's strength lies in strategic partnerships, collaborating with five insurance and numerous healthcare and wellness companies to expand its offerings.

• Milestones: Onsurity currently serves over 5,000 companies, reaching over a million people across India. They've clocked in a revenue of $12M, with projections indicating a tenfold increase in two years.

With the recent funding, Onsurity aims to broaden its reach to 50,000 companies and five million individuals by 2026. The company is also developing an AI engine to identify risks for specific SME customers and recommend suitable products.