Onsurity raises $24 Mn in Series B led by IFC

Bengaluru-based insurtech startup Onsurity has secured $24 million in a Series B funding round, with the International Finance Corporation (IFC) leading the investment. Existing backers Nexus Venture Partners and Quona Capital also participated. Onsurity intends to use this funding to enhance its collaboration with insurance partners, improving the claims experience for its members. Furthermore, it aims to establish partnerships with over 50,000 companies.

Founded in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity provides subscription-based services that companies can offer to their employees, including cyber insurance, D&O liability insurance, and commercial general liability insurance. Currently, the company serves more than 5,000 businesses, with aspirations to reach 50,000 by 2026. Onsurity competes with other companies like Plum Insurance, Secure Now, PazCare, and Nova Insurance in the group insurance space for SMEs and startups.

Although Onsurity has not disclosed its FY23 financials, it reported a significant increase in revenue from operations in FY22, reaching Rs. 14.1 crore compared to Rs. 3.22 crore in FY21. However, its losses also rose to Rs. 21.63 crore in FY22 from Rs. 8.77 crore in FY21, according to TheKredible.

For More Details Visit: https://entrackr.com/2023/10/onsurity-raises-24-mn-in-series-b-led-by-ifc/