India | October 12, 2023

Onsurity secures $24 million to extend health insurance to India’s small businesses

Lucy Ngige
Guest Author

Lucy Ngige

ImpactAlpha, October 12 – Thirty percent of India’s 1.4 billion people don’t have healthcare coverage because of lack of affordability and awareness; the 70% covered by India’s public health system often can’t meet all of their healthcare needs.

Bangalore-based Onsurity is working to expand coverage access by providing employee healthcare plans to India’s more than 60 million small businesses, which collectively employ more than 330 million people. Businesses pay a monthly basis, making its plans more budget friendly than alternatives that charge annual rates.

The International Finance Corp. led Onsurity’s $24 million Series B round. Financial inclusion-focused Quona Capital and Nexus Venture Partners reupped in the round. 

Investing in health

The IFC has invested $3.5 billion in emerging market healthcare companies. The development finance institution this month invested $50 million in LeapFrog Investment’s fourth Emerging Consumers Fund, and agreed to co-invest an additional $50 million directly in LeapFrog’s portfolio companies.

Last month, it committed $15 million last month to Indonesia-based medical device and consumables distributor Tawada Healthcare, and partnered with Ghana’s Sunda Group to expand manufacturing of personal care products for five countries in Africa.