Indian insurtech start-up Onsurity has secured funding worth $24m (Rs1.9bn) in its series B financing round led by the International Finance Corporation (IFC) of the World Bank.

The company’s current investors, Nexus Venture Partners and Quona Capital, also participated in the latest funding round.

Onsurity focuses on delivering employee healthcare insurance solutions to micro, small and medium enterprises (MSMEs), start-ups and growing enterprises on a monthly subscription basis. 

The latest proceeds take the total funding raised by the company so far to $40m.

Onsurity will use the latest investment to collaborate with insurance partners to deliver a seamless claims experience for members.

The start-up plans to design an AI-driven technology offering to provide a smooth experience for customers.

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Onsurity said founder and CEO Yogesh Agarwal said: “Our goal has always been to revolutionise employee healthcare benefits, making them accessible and user-friendly for India’s SMEs. 

“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.”

The proceeds will also be used by Onsurity to collaborate with more than 50,000 enterprises and offer insurance solutions for more than five million individuals by 2026.

The company also plans to allocate a portion of the funding towards its efforts to turn it profitable. 

Onsurity co-founder and COO Kulin Shah said: “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.”