[Funding alert] Healthcare startup Onsurity raises $16M in Series A round
, a tech startup that provides healthcare-related services aimed at SMEs and startups, has raised $16 million in a Series A round led by leading fintech investor Quona Capital, alongside existing investors Nexus Venture Partners.
The round also saw participation from healthcare entrepreneur Vivek Garipalli, the founder and CEO of Clover Healthcare.
According to the release, Onsurity will use the investment to continue building its healthcare platform and offerings.
Founded in mid-2020 by entrepreneurs Yogesh Agarwal and Kulin Shah, Onsurity provides an unique self-serve platform where organisations can purchase flexible and customised health benefit subscriptions for their employees in minutes.
The healthtech startup made it to YourStory Tech30 list for 2020 for providing all-round healthcare services to startups and SMEs.
“Technology has enabled healthcare to speed up diagnosis and improve patient care, but has largely neglected the issues of tedious and cumbersome benefits access and onboarding.
""With Onsurity, we have built a system from the ground up that will enable every organisation—regardless of size—to have access to comprehensive yet affordable healthcare and health benefit options that can be selected, customised, and priced in as little as two minutes,” said Yogesh Agarwal, Founder and CEO of Onsurity.
Ganesh Rengaswamy, Managing Partner and Co-founder of Quona Capital, stated, “Though there are several intermediaries offering health insurance and benefits in India, affordable access to healthcare benefits—a critical part of financial resilience—eludes most small businesses and working people.
"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.”
Onsurity app screenshot
“Indian enterprises, especially mid-sized ones, lack easy access to healthcare benefits for their employees and partners. Onsurity is solving this large unmet need with affordable plans and a technology-led approach, from onboarding to supporting medical care,” added Anup Gupta, Managing Director of Nexus Venture Partners.
According to Onsurity, 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 company’s unique monthly subscription model offers a single subscription to not only full-time employees, but also to contractors, interns, and consultants.
This has enabled them to provide health benefit plans to food and beverage outlets, retailers and wholesalers, small consulting firms, trading companies, small service centres, boutique marketing agencies and similar SMBs, many of whom are now receiving access to employee health benefits for the very first time through their relationship with Onsurity. Again, during the pandemic, their platform has helped SMBs to bring back workforce post lockdowns.
Onsurity Co-founder Kulin Shah said, “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 customer experience when hospitalisation and claims are made. It’s a big gap that Onsurity is closing quickly by delivering a digital-first, hassle-free product that creates an unparalleled positive customer experience.”