PC: Inc42
Indeed, employee healthcare platform Onsurity has sent ripples into the startup ecosystem with its latest funding round. The round, valued at Rs 219 crore or $26.4 million, was led by one of the more noted players in the investment landscape, Creaegis, along with participation from existing investors Nexus Venture Partners and Quona Capital. This becomes a strong critique, further consolidating the importance of employee healthcare solutions while instilling investor confidence in Onsurity’s innovative solution for such requirements at workplaces.
The board of Onsurity approved a special resolution for issuing 10 equity and 6,302 series B1 CCPs at an issue price of Rs 3,48,089 each, thereby completing Rs 219 crore or $26.4 million in fundraising said the regulatory filings accessed from RoC. This round had been led by Creaegis, which contributed Rs 176.4 crores, followed by Nexus Ventures adding Rs 31.4 crores and Quona Capital with Rs 11.9 crores, thereby reiterating their commitment toward Onsurity’s growth trajectory.
The board of the company said the freshly raised capital would be used to accelerate growth, operational expansion, working capital needs, and general corporate purposes. This strategic investment showcases Onsurity’s strategic vision in scaling up for a larger customer base with its services.
As per insights from startup data intelligence platform TheKredible, the post-allotment valuation of Onsurity stands at around Rs 1,032 crore or $124 million, underlining how well-positioned the company is to reach an inflection point in its growth cycle in the employee healthcare segment.
Post fundraising, Creaegis will own 17.10% in Onsurity, Nexus will own 28.22%, and Quona 12.82%, making them significant investors in the growth journey of the company.
Set up in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity provides subscription-based healthcare services, which firms can give to all their full-time employees, contractors, interns, and consultants. The company, through its subsidiary, also sells a range of business products, including cyber insurance, D&O liability insurance, and commercial general liability insurance, among others, further diversifying its service offerings and enhancing value to the client base.
This is a fabulous fundraising journey at Onsurity, with the previous rounds that saw a $24-million Series B round last October, along with a $16-million Series A round back in August 2021, bringing up the overall tally well past $66 million. That’s basically an endorsement by investors in the business model of the company and its continuous growth and expansion into the competitive healthcare technology space.
Creaegis, the lead investor in this round, recently closed its maiden fund of about $426 million, demonstrating belief in supporting Indian startups to nurture the innovation fabric in the country. Already boasting a diverse portfolio of companies including Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics, the experience and value which Creaegis brings to its portfolio companies is great and sets Onsurity up for continued success and growth with evolving health care.
