Onsurity, an employee health benefits platform, raised a Series A funding round of $16 million led by Quona Capital with existing investors Nexus Venture Partners and Whiteboard Capital.
The round also saw participation from the Founder and CEO of Clover Healthcare, Vivek Garipalli.
The company, in a statement, said that it would use the fresh capital to continue building its healthcare platform and offerings.
Founded in mid-2020 by entrepreneurs Yogesh Agarwal and Kulin Shah, Onsurity provides a self-serve platform where organizations can purchase flexible and customized health benefit subscriptions for their employees in minutes. The platform makes employee health benefits and insurance affordable and accessible to small and medium businesses and startups across India.
The company offers a monthly subscription model to full-time employees, contractors, interns, and consultants.
“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 customer 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,” said Onsurity Co-founder Kulin Shah.
“We feel gratitude towards our investors for continuing their support. The fact that we are one of India’s very few companies to have their customers turn into investors and one that has backing from notable institutional investors is proof in itself that we are in the right direction towards bringing a reformative change in the employee healthcare space,” Yogesh Agarwal, Founder and CEO.
“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,” Agarwal said.
Digital Health companies raised $15 billion in the first half (1H) of 2021. Funding activity was up by 138% during 1H 2021, compared to $6.3 billion raised in 1H 2020.