Onsurity Secures $45 Million Series B Funding for Digital Products and Healthcare Coverage

Onsurity, a leading employee healthcare platform, recently closed a $45 million Series B funding round, led by private equity firm Creaegis. This funding round signifies a significant milestone for Onsurity as it seeks to bolster its digital product offerings and expand healthcare coverage to a wider range of Indian small and medium enterprises (SMEs).

Investing in Digital Product Innovation and Healthcare Expansion

• The funding will be used to introduce new digital products and services, enhancing the financial solutions ecosystem available to Indian SMEs.
• A portion of the funds will also be directed towards strengthening Onsurity's technology infrastructure, as per Entrackr.

Reaching New Heights: Expanding Healthcare Coverage

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

Key Investors and Their Contributions

In addition to Creaegis, other existing investors participated in the funding round, including:

• International Finance Corporation
• Quona Capital
• Nexus Venture Partners

Creaegis's Significant Role in Onsurity's Growth

Creaegis has played a vital role in Onsurity's journey. It was the lead investor in the company's prior Series B round, where Onsurity raised INR 219 crore ($26.4 million). Creaegis's continued support underscores its confidence in Onsurity's potential to revolutionize the employee healthcare landscape in India.

A Look at Onsurity's Valuation and Future

• Post-investment, Creaegis holds a 17.10 per cent stake in Onsurity, while Nexus and Quona Capital own 28.22 per cent and 12.82 per cent, respectively.
• The company's valuation has now reached approximately INR 1,032 crore ($124 million), as per data from TheKredible.
• To date, Onsurity has raised over $66 million in funding, including $24 million in its initial Series B round in October 2023 and $16 million in its Series A round in August 2021.

Creaegis's Commitment to Indian Startups

Creaegis, the lead investor, recently closed a $426 million inaugural fund aimed at supporting Indian startups. The firm has already invested in several promising companies, including:

• Third Wave Coffee
• Doceree
• Medikabazaar
• Zopper
• Kale Logistics