The Round was Led by Creaegis, with Strong Backing from Existing Investors
FinTech BizNews Service
Mumbai, September 13, 2024: Onsurity, India’s fastest-growing SME-focused insurtech, has concluded its $45 million Series B round led by private equity fund Creaegis. The round also saw continued support from existing investors, including International Finance Corporation, Quona Capital and Nexus Venture Partners.
The insurtech start-up will leverage this funding to launch new digital offerings and product lines, aiming to strengthen the ecosystem of financial solutions available to Indian SMEs. A portion of the investment will be dedicated to enhancing the company's tech capabilities, deepening the claims experience, as well as developing fully digital greenfield products, in line with its commitment to being a 100% paperless insurtech.
To date, Onsurity has onboarded over 8,000 companies, impacting more than 1.5 million lives across 26 states and 3 union territories in India. With this latest capital infusion, the insurtech aims to accelerate its vision of partnering with over 50,000 companies and extending coverage to more than 5 million lives by 2026.
Speaking about their investment in Onsurity, Prakash Parthasarathy, Managing Partner and CIO, Creaegis said, “We are excited about the opportunity in India’s underserved SME segment for insurance and risk management products. Onsurity has made significant progress in addressing this gap by offering a unique value proposition through its digitally enabled healthcare and insurance solutions that cater to the evolving needs of Indian SMEs. The scale they’ve achieved in just over four years is truly remarkable and we are thrilled to join Onsurity on this journey. Our past experience of investing in pioneering Insurance, InsurTech and HealthTech companies will enable us to support the company’s mission to redefine financial protection for SMEs across India.”
Yogesh Agarwal, Founder and CEO, Onsurity said, “We are thrilled to welcome Creaegis as a partner in our mission to democratise insurance and risk management solutions for India’s SMEs. Creaegis brings deep expertise in the financial sector and has built a strong portfolio of successful companies, including in the insuretech landscape. Our shared vision of empowering India’s SME ecosystem through value-driven products will undoubtedly drive meaningful impact.”
Kulin Shah, Co-founder and COO, Onsurity said, “The new funding will significantly enhance our ability to elevate customer experience and strengthen our partnerships within the BFSI ecosystem, ensuring our offerings reach a broader SME audience. Additionally, we will advance our technology capabilities, fostering the development of more innovative solutions and helping to scale our operations. Onsurity Plus, our suite of business risk insurance solutions, will also gain from this boost, enabling us to launch more innovative products soon.”
Onsurity, with its mission to make healthcare and health insurance benefits accessible to India’s 'missing middle' employed by SMEs, serves a diverse range of companies—from small teams of three to large organizations with over 1,000 employees. The company recently launched CyberSure, an affordable, monthly subscription-based personal cyber insurance product designed to safeguard individuals against evolving cyber threats. Through its subsidiary, Onsurity also provides essential business products, including Cyber Insurance, D&O Liability Insurance, and Property Insurance, to SMEs and MSMEs.
