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Insurtech startup Onsurity raises $45 mn in Series B round

VCCircle

VCCircle · 10m ago

Insurtech startup Onsurity raises $45 mn in Series B round

Indian insurtech startup Onsurity has raised $45 million in a Series B funding round led by private equity firm Creaegis. Existing investors such as International Finance Corporation, Quona Capital and Nexus Venture Partners also participated in the round. The Bengaluru-based company offers employee healthcare benefits to small and medium-sized enterprises, startups and corporations. The funding will be used to launch new digital offerings and product lines, enhance the company's technology capabilities, and develop fully digital greenfield products. Onsurity has onboarded over 8,000 companies across 26 Indian states and three union territories since its founding in February 2020.

Related News

Onsurity raises $24 Mn in Series B led by IFC

Entrackr

Entrackr · 1y ago

Onsurity raises $24 Mn in Series B led by IFC

Indian employee healthcare platform Onsurity has raised $24 million in a Series B funding round led by International Finance Corporation (IFC). The startup plans to use the funds to enhance the claims experience for its members and expand its partnerships with over 50,000 companies. Onsurity offers subscription-based services to businesses, including cyber insurance and liability insurance. It currently serves more than 5,000 companies and aims to reach 50,000 businesses by 2026.

Exclusive: Onsurity raises over $26 Mn in new round led by Creaegis

Entrackr

Entrackr · 10m ago

Exclusive: Onsurity raises over $26 Mn in new round led by Creaegis

Employee healthcare platform Onsurity has raised Rs 219 crore or $26.4 million in a new round led by Creaegis, with the participation of existing investors Nexus Venture Partners and Quona Capital. The board at Onsurity has passed a special resolution to issue 10 equity and 6,302 series B1 CCPs at an issue price of Rs 3,48,089 each to raise Rs 219 crore or $26.4 million, its regulatory filing accessed for the Registrar of Companies (RoC) shows. Creaegis spearheaded the round with Rs 176.4 crore while existing investors Nexus Ventures and Quona Capital injected Rs 31.4 crore and Rs 11.9 crore, respectively. The company will use proceeds for growth, expansion, working capital requirements and general corporate purposes, as decided by the board. According to the startup data intelligence platform TheKredible, OnSurity has been valued at around Rs 1,032 crore or $124 million post-allotment. Following the fresh proceeds, Creaegis will hold 17.10% of the company while Nexus and Quona will command 28.22% and 12.82%, respectively. Founded in 2020 by Yogesh Agarwal and Kulin Shah, Onsurity offers subscription-based services that its customers can purchase and offer it to their full-time employees, contractors, interns and consultants. The company, through its subsidiary, offers business products including cyber insurance, D&O liability insurance, and commercial general liability insurance, among others. Onsurity has raised over $66 million to date including $24 million Series B round in October last year, and $16 million Series A in August 2021. Creaegis, the lead investor, recently closed its inaugural fund of about $426 million to support Indian startups. Its investment portfolio includes companies like Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics.

InsuranceDekho raises $60 million in ongoing Series B funding round

Money Control

Money Control · 1y ago

InsuranceDekho raises $60 million in ongoing Series B funding round

Insurtech startup, InsuranceDekho, has raised $60 million in a Series B funding round from investors including Mitsubishi UFJ Financial Group and BNP Paribas Cardif's insurtech fund. The new round brings the company's valuation to over $500 million. The funds will be used to enhance marketing efforts, expand distribution, develop its tech platform, and explore growth opportunities. InsuranceDekho aims to make insurance more accessible in India and plans to achieve a premium of Rs 3,600 crores this financial year, whilst targeting 200,000 agent partners by March 2024.

Battery Smart to raise $45M in Series B round

Inshorts · 1y ago

Battery Smart to raise $45M in Series B round

Delhi NCR-based battery-swapping startup Battery Smart is raising around INR 376.3 Cr (about $45 Mn) from existing and new investors in what seems to be a Series B funding round. The fundraise comes almost a year after the startup raised $33 Mn in its pre-Series B funding round from Tiger Global, Blume Ventures, EIF, and BII.

Cloud Kitchen startup Kitchens@ Bags $65 Mn to streamline its dining biz

Inc42 · 1y ago

Cloud Kitchen startup Kitchens@ Bags $65 Mn to streamline its dining biz

Indian cloud kitchen startup Kitchens@ has raised $65 million in a Series C funding round led by UK-based investment firm Finnest. The funds will be used to expand the company's hybrid model, Dinerium, which offers a blend of casual dining and brand indulgence. Kitchens@ recently acquired Swiggy Access Kitchen, expanding to six major cities and 45 locations with a network of 700 kitchens. The startup had previously raised $16.2 million in its Series B round and an additional $2.6 million in venture debt.

Healthify Raises $20 Mn For US Expansion

Inc42 · 8m ago

Healthify Raises $20 Mn For US Expansion

Healthify has concluded its Pre-Series D funding round at $45 million, which will be used to expand globally, particularly in the United States, and enhance its artificial intelligence capabilities. The startup reported operational profitability in India and aims to achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA) by the end of fiscal year 2025.

Peak XV-backed Bright Money raises $62 Mn

Entrackr

Entrackr · 1y ago

Peak XV-backed Bright Money raises $62 Mn

Bright Money, a Bengaluru and San Francisco-based consumer fintech startup, has raised $62 million in a Series B funding round. The round consists of $50 million debt from Encina Lender Finance and $12 million equity led by Alpha Wave, Hummingbird, and PeakXV. Bright Money offers debt management solutions and aims to reshape global retail banking using big data and AI. The funding will help the company cater to millennials, particularly in the US, and expand its product offerings. Bright Money previously raised $31 million in a Series A round in September 2021.

Dezerv Raises $32 Mn From Premji Invest, Others At A Valuation Of Over $200 Mn

Inc42 · 1y ago

Dezerv Raises $32 Mn From Premji Invest, Others At A Valuation Of Over $200 Mn

Dezerv, a wealthtech startup, has received a $20 million investment from Premji Invest in its Series B funding round. Existing investors, including Elevation Capital, Matrix Partners, and Accel Partners, also participated in the funding. Established in 2021, Dezerv claims to have managed assets worth over INR 6,000 crore since its inception.

AgentSync raises $50M more in a massive Series B extension

TechCrunch · 1y ago

AgentSync raises $50M more in a massive Series B extension

Insurtech startup AgentSync has raised a $50 million Series B extension, focusing on federating information via APIs between different parties. Despite the challenging insurtech market, with declining valuations for many startups, AgentSync has managed to grow and maintain favorable SaaS metrics. The company made internal adjustments to better fit the industry's conservative stance and raised capital, even though it was not running low on cash. The new funds will support AgentSync's continued growth and expansion.

Battery Smart raises $65 Mn in Series B round

Entrackr

Entrackr · 1y ago

Battery Smart raises $65 Mn in Series B round

Battery tech startup Battery Smart has scooped up $65 million in Series B round led by LeapFrog Investments. The equity round also saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures and British International Investment (BII). While Battery Smart did not disclose its current valuation, it was valued at around $340 million during the first tranche of Series B worth $45 million. This was a significant surge in valuation from the $210 million in the pre-Series B round in November last year. The startup will use the capital to scale its battery-swapping network across the country and drive more electric mobility adoption, Battery Smart said in a press release. Battery Smart provides advanced lithium-ion batteries for electric two and three-wheelers which can be swapped in quick time at any of its swapping stations. Its battery-as-a-service (BaaS) solution helps customers to save high upfront costs. Currently, it claims to have 1,000 battery-swapping stations across 30 cities, completing over 35 million swaps with over 45,000 active customers. The firm has a presence in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra. Recently, Battery Smart tied up with quick commerce platform Zepto to deploy 1,000 electric vehicles in the next financial year of FY25. The partnership will allow Zepto’s EV delivery partners to use Battery Smart’s battery-swapping network. As per startup data intelligence platform TheKredible, Battery Smart saw a seven-fold jump in its revenue to Rs 55.8 crore from Rs 7.95 crore in FY22. Meanwhile, its losses also surged 4.9X to Rs 64.51 crore from Rs 13.08 crore. As per the latest data, Tiger Global controls 23% stake in Battery Smart followed by co-founders Pulkit Khurana and Siddharth Sikka with 14.28% stake each. Blume Venture holds more than 12% stake in the company. Check TheKredible for more details.

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