, a small and medium enterprise (SME)-focused insurtech firm, accomplished its $45 million Sequence B spherical final week led by non-public fairness fund Creaegis, with participation from current traders, together with Worldwide Finance Company, , and .
The corporate had raised the primary tranche of Sequence B funding final October.
In a press notice, the Bengaluru startup stated it is going to use the capital to launch new digital services, enhancing the monetary options accessible to Indian SMEs.
It’s going to additionally give attention to enhancing tech capabilities, claims expertise, and creating totally digital greenfield merchandise, aligning with its dedication to being a 100% paperless insurtech.
“The brand new funding will considerably improve our capacity to raise buyer expertise and strengthen our partnerships throughout the BFSI ecosystem, making certain our choices attain a broader SME viewers,” stated Kulin Shah, Co-founder and COO of Onsurity.
He added, “Onsurity Plus, our suite of enterprise threat insurance coverage options, can even achieve from this increase, enabling us to launch extra progressive merchandise quickly.”
The insuretech startup has onboarded over 8,000 corporations, impacting over 1.5 million lives throughout 26 states and three union territories. With this capital infusion, it goals to companion with 50,000 corporations and prolong protection to 5 million lives by 2026.
“Onsurity has made important progress in addressing this hole by providing a novel worth proposition by its digitally enabled healthcare and insurance coverage options that cater to the evolving wants of Indian SMEs. The size they’ve achieved in simply over 4 years is really outstanding, and we’re thrilled to affix Onsurity on this journey,” stated Prakash Parthasarathy, Managing Companion and CIO of Creaegis.
Based by Shah and Yogesh Agarwal in February 2020, Onsurity affords subscription-based healthcare advantages to SMEs, startups, and enterprises. It not too long ago launched CyberSure, which affords private cyber insurance coverage to guard people from cyber threats.
By way of its subsidiary, Onsurity additionally serves SMEs and MSMEs with key enterprise merchandise like cyber insurance coverage, D&O legal responsibility insurance coverage, and property insurance coverage.
In addition to Creaegis, the startup is backed by Worldwide Finance Company, Nexus Enterprise Companions, Quona Capital, and Whiteboard Capital, amongst others.
