IFC leads $24m Series B for India's Onsurity
The International Finance Corporation (IFC) has led a USD 24m Series B round for Indian employee healthcare insurance start-up Onsurity.
Nexus Venture Partners and Quona Capital also participated. Nexus and Quona provided a USD 16m Series A in 2021. Nexus was also a seed investor in 2020 alongside AngelList and Whiteboard Capital.
Onsurity helps micro and small to medium-sized enterprises (MSMEs) offer their employees and employees’ families health insurance, including wellness insurance. IFC described the insurance plans as comprehensive.
The company claims that the digitalization of insurance products can ensure transparency, ease of use, and user understanding, while democratizing access. Its offering includes monthly plans with features such as group health insurance and medicine discounts, a fitness rewards programme, and doctor teleconsultation. Expansion areas include cyber-risk insurance.
“We are not competing with large insurance players or large distributors in India to take our space. We are just creating our own category,” CEO Yogesh Agarwal told TechCrunch.
IFC is investing USD 10m, citing impact outcomes around improved access to healthcare insurance. “[T]he project is expected to contribute to greater competitiveness in the insurance space by demonstrating the viability of providing group-based insurance coverage to low income, unserved segments who are employed by MSMEs,” it said in a filing.
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