Onsurity Secures $45M in Series B to Power a Healthier, Insured SME Ecosystem Onsurity, an employee healthcare platform, recently completed a $45 million Series B funding round led by private equity firm Creaegis
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Onsurity, an employee healthcare platform, recently completed a $45 million Series B funding round led by private equity firm Creaegis. The round saw additional participation from existing investors, including International Finance Corporation, Quona Capital, and Nexus Venture Partners. This marks the conclusion of a funding process that began with an initial tranche raised in October of last year. The startup plans to use the newly secured capital to introduce new digital products and services, enhancing the financial solutions ecosystem available to Indian SMEs. A portion of the funds will also be directed towards bolstering Onsurity's technology infrastructure, as per Entrackr.
So far, Onsurity has on boarded over 8,000 businesses, providing healthcare coverage to over 1.5 million people across 26 states and 3 union territories in India. With this latest funding, Onsurity is setting its sights on partnering with over 50,000 companies and extending healthcare coverage to more than 5 million people by 2026.
In a prior Series B round, the company raised INR 219 crore ($26.4 million) with Creaegis as the lead investor. Regulatory filings show the company issued 10 equity shares and 6,302 Series B1 Compulsorily Convertible Preference Shares (CCPS) at a price of INR 3,48,089 each. Creaegis contributed INR 176.4 crore, while Nexus Venture Partners and Quona Capital invested INR 31.4 crore and INR 11.9 crore, respectively.
The funds will be allocated for expansion, working capital, and other corporate purposes. Post-investment, Creaegis holds a 17.10 per cent stake in Onsurity, while Nexus and Quona Capital own 28.22 per cent and 12.82 per cent, respectively. The company's valuation has now reached approximately INR 1,032 crore ($124 million), as per data from TheKredible.
To date, Onsurity has raised over $66 million in funding, including $24 million in its initial Series B round in October 2023 and $16 million in its Series A round in August 2021. Creaegis, the lead investor, recently closed a $426 million inaugural fund aimed at supporting Indian startups, with investments in companies like Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics.
