Onsurity, an insurance coverage tech platform in India, has raised $16 million in a Collection A funding spherical led by fintech investor Quona Capital and its earlier investor Nexus Enterprise Companions.
The financing bout was additionally participated by Vivek Garipalli, CEO of Nasdaq-listed Clover Healthcare; Amrish Rau, CEO of Indian service provider platform Pinelabs; and Sweta Rau, founding father of Indian fairness agency White Ventures.
WHAT IT DOES
Based final yr, the worker advantages platform targets SMEs and startups. It gives a monthly-based subscription to well being advantages beneath TeamSure which contains group medical insurance, reductions on drugs orders and well being checks ups, health rewards, physician teleconsultations, amongst others. The subscription plans are provided not solely to full-time staff but additionally to contractors, interns and consultants.
Onsurity was quoted in a information report as saying that small enterprises using 3-100 staff in India haven’t historically offered low-cost well being plans. The corporate said it intends to offer “inexpensive and accessible” well being advantages and insurance coverage to over 35 million small companies and startups throughout the nation that employs above 150 million folks.
WHY IT MATTERS
In a weblog put up, the corporate stated it plans to make use of its recent funds to put money into healthcare expertise “to make sure that [the] worker healthcare area turns into much more accessible and inclusive”.
The corporate is focusing on to achieve over 10 million staff and their households by way of SME partnerships over the following 5 years and hit a consumer base rely of 10,000 by yearend from round 1,300 small enterprises presently.
THE LARGER TREND
There are over 110 insurtech companies working in India, in response to the Insurance coverage Regulatory and Improvement Authority of India. Primarily based on analysis by S&P International Market Intelligence, India is the second-largest insurtech market within the Asia-Pacific area, cornering 35% of the $3.66 billion insurtech-focused enterprise investments.
Additionally within the Asia-Pacific area, Chinese language insurtech firm Waterdrop went public within the US final Could. It raised $365 million in its IPO, which might be used for its enterprise enlargement and product enhancement.
ON THE RECORD
“We really feel gratitude in the direction of our traders for persevering with their assist. The truth that we’re one in every of India’s only a few firms to have their prospects flip into traders and one which has backing from notable institutional traders is proof in itself that we’re in the precise route in the direction of bringing a reformative change within the worker healthcare area,” Yogesh Agarwal, founder and CEO of Onsurity, stated.
“We’re grateful for the assist that we proceed to obtain from our traders and prospects. I’m positive collectively we’ll deliver the essence of true care again in staff’ healthcare whereas making it inexpensive and technologically handy for the employers to make sure their staff’ wellbeing,” Onsurity Co-founder and COO Kulin Shah additionally stated.