Insurtech startup Onsurity has raised an additional $21 million in its latest funding round led by private equity firm Creaegis, closing its Series B round at a total of $45 million. This follows an earlier $24 million investment from IFC, Nexus Venture Partners and Quona Capital in October 2023.
Founded in 2020 by Kulin Shah and Yogesh Agarwal, Onsurity plans to use the fresh capital to launch new digital insurance products tailored for SMEs and upgrade its technology infrastructure. The funds will also be used to improve the claims process and expand its innovative product line, including its flagship offering, Onsurity Plus, which covers business risk insurance solutions for SMEs.
“We are excited to accelerate the development of Onsurity Plus and introduce more innovative products to address the evolving needs of Indian SMEs,” said Kulin Shah, Co-Founder and Chief Operating Officer (COO).
Prior to this funding round, Onsurity has raised over $40 million. Notable investors include former cricketer Anil Kumble, who joined as a strategic adviser in 2022.
Commenting on the investment, Prakash Parthasarathy, Chief Investment Officer (CIO), Creaegis, said, “Onsurity has made tremendous strides in filling the gap in insurance and risk management for SMEs with its digitally-enabled healthcare and insurance solutions, addressing the unique needs of this segment.”