Insurtech Onsurity sees 80% revenue growth in FY24, losses widen
Onsurity's revenue growth came the cost of its bottomline which was hurt by higher expenses from interest payments and employee expenses.
Healthtech startup Onsurity clocked 80% growth in its operating revenue to Rs 131.66 crore, from Rs 73.14 crore in the previous year.
The company, which provides insurance services to small and medium enterprises, widened its losses by 24% to Rs 83.44 crore from Rs 66.93 crore in its previous year, mainly hurt by higher expenses.
Its expenses increased by over 50% year-on-year to Rs 218 crore, driven by employee benefits, interest payments, and depreciation costs.
The majority of its revenue was derived from its subscription services, along with a marginal commission income. The company also managed to increase its revenue from global markets from Rs 1.49 crore to Rs 25.5 crore.
Founded by Kulin Shah and Yogesh Agarwal in February 2020, the startup completed its Series B round of $45 million in September this year. The round was led by private equity fund Creaegis, with participation from existing investors, including International Finance Corporation, Quona Capital, and Nexus Venture Partners.
It plans to use the capital to launch new digital products and services, enhancing the financial solutions available to Indian SMEs. It will also focus on improving tech capabilities and claims experience, and developing fully digital greenfield products, aligning with its commitment to being a 100% paperless insurtech.
Edited by Affirunisa Kankudti