Onsurity is a Bengaluru-based employee healthcare platform for small and medium businesses that sells subscription bundles of group health insurance, healthcare and wellness.

This Startup Deep Dive explains what Onsurity does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Onsurity in Brief

• What it is: Onsurity is an Indian SME employee healthcare and insurance subscription company based in Bengaluru.
• Who it serves: businesses, institutions, consumers, learners and public-sector buyers.
• Sells a monthly subscription bundling healthcare, insurance and wellness for SMEs
• Pricing begins at about Rs 49 per employee per month and companies pay only for active members per one source
• Offers group health, term life, cyber, D&O liability and asset insurance
• Funding: About $66 million across seven rounds per a tracker.

Onsurity Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Onsurity?

Onsurity operates in the SME employee healthcare and insurance subscription space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Onsurity.

• Sells a monthly subscription bundling healthcare, insurance and wellness for SMEs
• Pricing begins at about Rs 49 per employee per month and companies pay only for active members per one source
• Offers group health, term life, cyber, D&O liability and asset insurance
• Covers full-time staff, contractors, interns and consultants
• Provides app for plan selection, management and claims filing

The Origin Story of Onsurity

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Yogesh Agarwal, Kulin Shah.
• Agarwal, a chartered accountant and actuary, found insurers reluctant to cover firms with fewer than twenty employees
• Kulin Shah previously worked at FreeCharge and Acko
• Founded in February 2020 per one profile, in Bengaluru
• Targets India's 63 million SMEs

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the SME employee healthcare and insurance subscription sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• February 2020: founded
• August 2021: Series A of $16 million
• October 2023: Series B of $24 million
• September 2024: Rs 219 crore round led by Creaegis
• FY24: revenue grew about 80% to Rs 131.7 crore

Onsurity Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• August 2021: Series A about $16 million
• October 2023: initial Series B about $24 million
• September 2024: Rs 219 crore led by Creaegis (Rs 176.4 crore) with Nexus Venture Partners (Rs 31.4 crore) and Quona Capital (Rs 11.9 crore); reports differ on whether the Series B totalled $26.4 million or $45 million
• Post-round stakes: Nexus 28.22%, Creaegis 17.10%, Quona 12.82%
• International Finance Corporation is also an existing investor

How Does Onsurity Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to businesses, institutions, consumers, learners and public-sector buyers, sales cycles and contract size matter as much as headline growth.

• Subscription revenue from SMEs per covered employee
• Marginal commission income from insurers
• No large upfront premium, similar to a streaming subscription

The Numbers: Onsurity Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY23: net loss Rs 66.93 crore
• FY24: revenue Rs 131.66 crore (another tracker says Rs 134.6 crore), up about 80%; net loss Rs 83.44 crore; expenses over Rs 218 crore
• FY24 operating cash flow about Rs -78 crore per a tracker
• FY25: not found in sources

Market Opportunity for Onsurity

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are rising digital adoption, cloud and mobile penetration, growing enterprise technology spending, government digitisation programmes and a deep pool of engineering talent. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Over 5,000 companies as customers per one report (another cites 8,000), including Zepto, DBS Bank, Jupiter Money, CleverTap, Porter, Sobha Developers and Pantaloons
• Plan to grow to 50,000 companies by 2026 per one report

Technology and Product at Onsurity

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are product quality, data and integration depth, security, scalability and the speed of shipping improvements.

• Mobile and web platform for subscription, plan management and claims
• TeamSure platform per one source

Team and Culture at Onsurity

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Yogesh Agarwal is CEO
• Kulin Shah is COO

Onsurity Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Onsurity

• Net loss widened about 24% in FY24
• Funding and customer counts differ across reports
• SME customers can churn and are sensitive to price
• Competition: low barriers to entry and well-funded rivals can compress pricing and slow growth.
• Funding risk: technology businesses often burn cash before reaching profit and depend on investor appetite.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Onsurity Growth Outlook: What to Watch

• Fresh capital aimed at growth, expansion and working capital
• Aims to expand product range into cyber and liability cover
• Key indicators: recurring revenue, customer retention, gross margin, customer acquisition cost and runway.
• Funding position: Whether Onsurity can reach its next milestone before needing new capital.
• Regulation: Changes from data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules.

Industry Context: Where Onsurity Fits

India's technology startup ecosystem is one of the largest in the world, supported by cheap data, a large base of smartphone users, digital public infrastructure and a deep engineering talent pool. Companies now build for education, software, mobility, logistics, agriculture, defence, media and more, selling both to Indian customers and abroad.

Durable technology companies usually combine a clear customer problem with repeatable distribution and disciplined unit economics. Growth funded only by spending tends to fade, while products that customers keep using and paying for build compounding advantages.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Onsurity

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Onsurity.

Bull case

• A large and growing base of digital users and businesses expands the addressable market.
• Recurring revenue and strong retention can compound growth.
• Selling into global markets widens the opportunity beyond India.

Bear case

• Heavy competition can compress pricing and margins.
• Dependence on external funding can force painful cost cuts.
• Regulation or platform changes can disrupt a product quickly.

Lessons Founders and Investors Can Take from Onsurity

Studying a company in the SME employee healthcare and insurance subscription space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Onsurity.

• Solving a clear, frequent customer problem matters more than adding features.
• Retention and repeat usage are better health signals than sign-ups.
• Disciplined spending extends runway and keeps options open when funding tightens.
• Distribution, not just product quality, decides who wins in crowded markets.
• Building trust through data protection and reliability is part of the product.

How to Evaluate Onsurity as a Startup

• Customer clarity: Can Onsurity name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Onsurity is part of India’s growing SME employee healthcare and insurance subscription ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Onsurity FAQs: Frequently Asked Questions

What is Onsurity?

Onsurity is a Bengaluru-based employee healthcare platform for small and medium businesses that sells subscription bundles of group health insurance, healthcare and wellness. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Onsurity?

Onsurity was founded by Yogesh Agarwal, Kulin Shah, and the company reports a founding year of 2020.

How much funding has Onsurity raised?

About $66 million across seven rounds per a tracker. Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Onsurity make money?

Onsurity earns revenue from its SME employee healthcare and insurance subscription products and services sold to businesses, institutions, consumers, learners and public-sector buyers. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Onsurity?

Reported rivals include Loop Health, Acko, Plum, Secure Now. See the competitor comparison above for how they differ.

What are the main risks for Onsurity?

Main risks include competition: low barriers to entry and well-funded rivals can compress pricing and slow growth, funding and capital needs, competition and regulation by data protection rules under the Digital Personal Data Protection Act, sector regulators, consumer protection law and IT rules. This is educational content, not investment advice.

Related Startup Deep Dives: Dashtoon — Raised $5 million seed in November 2023 led by Matrix and Stellaris; later reported Series A of about $13 million | Brown Living — FY25 revenue about Rs 3.1 crore with a net loss of about Rs 1.8 crore; raised pre-seed round led by Blink Digital in October 2024. Browse the full Startup Deep Dive series.

Source

Source: Publicly available data, published reports, industry research, and other credible sources.