Onsurity Raises Rs 219 Crore in New Funding Round
In a significant development for the employee healthcare space, Onsurity has raised Rs 219 crore (approximately $26.4 million) in a new funding round led by Creaegis. The news comes on the heels of a special resolution passed by the company’s board to issue equity and compounding convertible preference shares (CCPS) to raise the sum.
The latest investment saw Creaegis lead the charge, pumping in a whopping Rs 176.4 crore ($23.4 million). Existing investors Nexus Venture Partners and Quona Capital also participated, injecting Rs 31.4 crore and Rs 11.9 crore, respectively, into the startup.
According to regulatory filings, Onsurity plans to use the fresh capital to fuel growth, expansion, and working capital requirements, as well as for general corporate purposes. With the new investment, the company’s valuation has risen to a staggering Rs 1,032 crore (approximately $124 million), cementing its position as a leading player in the employee healthcare space.
Founded in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based services that can be purchased and offered to full-time employees, contractors, interns, and consultants. The company’s suite of products includes cyber insurance, D&O liability insurance, commercial general liability insurance, and more, all offered through its subsidiary.
This is Onsurity’s third major funding round, with the startup having raised over $66 million to date, including a $24 million Series B round in October last year and a $16 million Series A round in August 2021. Creaegis, the lead investor, has also made a name for itself in the Indian startup ecosystem, with investments in Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics, among others, under its belt.
