Insurtech startup Onsurity is scaling its monthly health benefit platform for small businesses. While the company is private and not listed on stock exchanges, its model of offering flexible healthcare packages targets an underserved market, facing competition from peers like Plum and Loop Health.
Onsurity, a Bengaluru-based insurtech company, is expanding its focus on providing health and wellness benefits to small and medium enterprises (SMEs) across India. Founded in 2020 by Kulin Shah and Yogesh Agarwal, the company provides a monthly subscription-based platform that combines health insurance, teleconsultations, and wellness programs. This service aims to replace traditional, rigid annual insurance policies, which are often difficult for smaller businesses to manage.
It is important for investors to note that Onsurity is a private company and is not listed on any stock exchange like the NSE or BSE. As such, there is no public share price or market trading data for the company. However, for those tracking the startup and insurtech ecosystem, the company represents a key player in the digital health insurance space.
Financial and Operational Performance
The company has been in a growth phase, securing over $61 million in funding to date, with its latest Series B round led by Creaegis. According to available financial data for FY25, the company reported revenue of approximately ₹168.3 crore. Like many growth-stage startups, it is also investing heavily in expansion, which resulted in a net loss of ₹68.9 crore for the same period. While revenue growth is a focus, the ability to manage these costs and move toward sustainable profitability will be a key factor for stakeholders to track in the coming years.
Competitive and Sector Context
The insurtech sector in India is highly competitive. Onsurity operates in a space that includes other well-funded platforms such as Plum Insurance, Loop Health, and Acko. These companies are all vying for a share of the SME market, which has historically been underserved by traditional insurance providers. Because the sector involves financial services and insurance products, all players—including Onsurity—operate under strict regulations set by the Insurance Regulatory and Development Authority of India (IRDAI). Changes in these regulations can impact how these companies structure their products and partnerships.
Strategic Partnerships and Risks
Onsurity has focused on partnerships to drive user acquisition. In 2022, the company entered into a Memorandum of Understanding (MoU) with the BSE to support health benefits for the SME ecosystem. While this demonstrates the company's ambition to reach a wider base, its success depends on execution. Scaling to meet its target of covering millions of lives requires constant investment in technology and customer service. Additionally, the company faces the risk of intense pricing pressure from competitors, which could impact profit margins. For those monitoring the space, the next important updates to watch will be the company’s progress in reducing operational losses, its ability to retain corporate clients in a competitive market, and its navigation of the evolving regulatory environment.