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Onsurity, India’s first monthly employee health benefits platform for SMBs and start-ups, has raised $16 million in a Series A round of funding led by leading fintech investor Quona Capital, alongside existing investors Nexus Venture Partners . The round also saw participation from healthcare entrepreneur Vivek Garipalli, the founder and CEO of Clover Healthcare (NASDAQ: CLOV).
Onsurity will use the investment to continue building its healthcare platform and offerings. SMBs in India employ 3-100 employees and have traditionally had no access to affordable health plans. Onsurity’s mission is to make high quality employee health benefits and insurance more affordable and accessible to over 35 million SMBs and startups across India, which collectively employ more than 150 million people.
Onsurity was founded in mid-2020 by entrepreneurs Yogesh Agarwal and Kulin Shah, who bring deep experience in insurance underwriting, distribution, customer experience and building scalable tech-enabled businesses. Kulin and Yogesh (one of the youngest qualified actuaries globally) share a vision of redefining archaic insurance onboarding processes by creating a unique self-serve platform where organizations can purchase flexible and customized health benefit subscriptions for their employees in just minutes.
While health benefits have traditionally been a privilege enjoyed only by large enterprises and full-time employees in India, Onsurity’s unique health benefits platform and plans have been designed from the ground up to cater to the needs of SMBs. The company’s unique monthly subscription model offers a single subscription to not only full-time employees but also to contractors, interns and consultants. This has enabled them to provide health benefit plans to food and beverage outlets, retailers & wholesalers, small consulting firms, trading companies, small service centers, boutique marketing agencies and similar SMBs, many of whom are now receiving access to employee health benefits for the very first time through their relationship with Onsurity. Again during pandemic, their platform has helped SMBs to bring back workforce post lockdowns.
“Technology has enabled healthcare to speed up diagnosis and improve patient care, but has largely neglected the issues of tedious and cumbersome benefits access and onboarding. With Onsurity, we have built a system from the ground up that will enable every organization—regardless of size—to have access to comprehensive yet affordable healthcare and health benefit options that can be selected, customized, and priced in as little as two minutes,” said Yogesh Agarwal, founder and CEO of Onsurity.
Kulin Shah, Onsurity’s co-founder, added, “Our experience has taught us that small businesses and startups struggle to find the right employee healthcare plan, and that the process is time-consuming and expensive. And more often than not, health benefit plans deliver a poor customers’ experience when hospitalization and claims are made. It’s a big gap that Onsurity is closing quickly by delivering a digital-first, hassle-free product that creates an unparalleled positive customer experience.”
“Though there are several intermediaries offering health insurance and benefits in India, affordable access to health care benefits—which is a critical part of financial resilience—eludes most of the small businesses and the working people,” said Ganesh Rengaswamy, Managing Partner and co-founder of Quona Capital. “Unlike existing solution providers, Onsurity is a true pioneer for unique health benefits solutions, making healthcare available to millions of SMEs who are traditionally underserved. We are thrilled to partner with team Onsurity.”
“Indian enterprises, especially mid-sized ones, lack easy access to health care benefits for their employees and partners. Onsurity is solving this large unmet need with affordable plans and a technology led approach, right from onboarding to supporting medical care,” said Anup Gupta, Managing Director of Nexus Venture Partners.