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Insurtech startup Onsurity on Monday said it has raised $24 million in its Series B funding led by the International Finance Corporation (IFC).

Additionally, existing investors Nexus Venture Partners and Quona Capital also participated in the round. 

The startup said it will utilise the funds to work with its insurance partners to facilitate a smooth claims experience for its members by co-creating a technology solution to drive a seamless and transparent journey. 

Bengaluru-based Onsurity aims to serve 50,000 businesses and 5 million lives by 2026.

A portion of the new funding will also be allocated towards the company's efforts to charting its path to profitability.

“With the strong support of IFC, Nexus Venture Partners, and Quona Capital, we will further intensify our efforts in scaling our tech-based platform which will enable us to extend insurance coverage to a larger spectrum of SMEs, ensuring a comprehensive safety net for their operations,” said Yogesh Agarwal, Founder and CEO, Onsurity.

In August, Onsurity became the fastest new-age insurtech to serve a million lives. 

Over 80 per cent of businesses purchasing healthcare memberships from Onsurity have ventured into employee healthcare for the first time, the startup claimed.

“The fresh infusion of funds will supercharge our mission to broaden our product offerings by crafting one of the finest tech-led distribution stacks in the industry,” said Kulin Shah, Co-founder and COO, Onsurity.

Founded in 2020, Onsurity currently works with more than 5,000 companies, including Jupiter Money, CleverTap, Porter, Zepto, Sobha Developers, DBS Bank, Pantaloons, and Sattva, among others.

"Out-of-pocket healthcare expenses can be a significant burden for employees of SMEs. Health insurance helps SMEs manage their expenses while supporting their employees,” said Wendy Werner, IFC Country Head, India.