New Delhi: Indian startup Onsurity has raised a whopping $24 Million in Series B funding round that was led by the World Bank’s International Finance Corporation (IFC). The company has its reputation for fulfilling monthly subscription-based insurance needs of companies, be it micro, small and medium enterprises (SMEs), startups and also growing businesses.
Its existing investors Nexus Venture Partners and Quona Capital also participated in the Series B funding round. With the fresh funding, the company has, in total, raised $40 million in the three years of its existence.
Insurtech start-up has planned to utilize this funding to help its members in providing unparalleled claims settlements. The company will develop foolproof technology for a seamless and transparent journey.
The Bengaluru-based startup Onsurity aims to deliver a list of offers designed specifically for MSMEs enterprises and emerging businesses.
Onsurity has also expanded its product line by unveiling cyber risk insurance that protects businesses in their online space with its dedicated coverage against privacy and security breaches.
“We are not competing with large insurance players or large distributors in India to take our space. We are just creating our own category,” said Yogesh Agarwal, Founder and CEO of Onsurity, in an interview.