Employee healthcare platform Onsurity raises $16 million in Series A funding
Onsurity, India's monthly employee health benefits platform for SMBs and start-ups, has raised $16 million in a Series A round of funding led by fintech investor Quona Capital, alongside existing investors like Nexus Venture Partners. This round also saw participation from healthcare entrepreneur Vivek Garipalli, the founder and CEO of Clover Healthcare.
Onsurity was founded in mid-2020 by entrepreneurs Yogesh Agarwal and Kulin Shah. They 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. 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.
“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.
The company’s 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. During pandemic, their platform has helped SMBs to bring back workforce post lockdowns.
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.”
Employee benefits are a crucial facet of any work culture and increasing its accessibility is a step in the right direction for enhancing the wellness of the workforce across all sectors.