Onsurity Secures $45M in Series B Funding to Expand Healthcare Coverage for Indian SMEs

Onsurity, a leading employee healthcare platform, has successfully raised $45 million in a Series B funding round led by private equity firm Creaegis. This latest round saw contributions from existing investors, including the International Finance Corporation (IFC), Quona Capital, and Nexus Venture Partners. This marks the conclusion of a funding process that began with an initial tranche raised in October 2023.

The newly secured capital will be used to introduce new digital products and services, further enhancing the financial solutions ecosystem available to Indian SMEs. Part of the funds will also be allocated towards strengthening Onsurity’s technology infrastructure, as reported by Entrackr.

Currently, Onsurity has onboarded over 8,000 businesses, providing healthcare coverage to more than 1.5 million people across 26 states and 3 union territories in India. With this fresh funding, Onsurity aims to partner with over 50,000 companies and extend healthcare coverage to more than 5 million individuals by 2026.

In a previous Series B round, Onsurity raised INR 219 crore (approximately $26.4 million) with Creaegis as the lead investor. Regulatory filings indicate that 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.

Following this investment, Creaegis holds a 17.10% stake in Onsurity, with Nexus Venture Partners and Quona Capital owning 28.22% and 12.82%, respectively. Onsurity’s valuation has now reached approximately INR 1,032 crore ($124 million), according to data from TheKredible.

To date, Onsurity has raised over $66 million, including $24 million from its initial Series B round in October 2023 and $16 million from its Series A round in August 2021. Creaegis, the lead investor, has recently closed a $426 million inaugural fund aimed at supporting Indian startups, with investments in companies such as Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics.