Onsurity secures $24 million in series B funding for explosive growth and profitability drive

Insurtech startup Onsurity on Monday, October 9, announced that it has raised $24 million in a series B funding round led by International Finance Corporation. The round also saw participation from its existing investors including Nexus Venture Partners and others. The company proposes to use these funds to drive growth, forge partnerships and a portion of this funding will also be allocated towards the company's efforts to charting its path to profitability.

Talking about fund utilisation plans Onsurity's co-founder and CEO Yogesh Agarwal said, "Most of this funding we will be investing in order to develop our technology. The overall objective of the technology is that how can we actually meet the claim experience of our customers more and more smoother? How can we use cutting edge technology and AI to make sure that the current turnaround time for the claim experience can be reduced down significantly? This will be the prime objective of this particular funding that how can we enhance our technology.”

In a separate development, Sridhar Vembu, the Co-founder and CEO of Zoho, expressed concerns regarding the renewed conflict in Israel and its potential impact on the tech sector. During an exclusive interview with Jude Sannith of CNBC-TV18, Vembu noted that Zoho had experienced a noticeable slowdown in global customer growth since September. However, he emphasised that the company's business in India continued to thrive despite the global challenges.

The Indian startup ecosystem has faced a challenging funding landscape in recent times, with the agritech sector being particularly affected. In the previous fiscal year, agritech startups attracted $1.2 billion in funding, but this figure dropped to $700 million in the current fiscal year. Akhil Vishwanath, reporting for CNBC-TV18, delves into the specifics of the agritech funding scenario, exploring the strategies agritech founders should consider and how investors are evaluating the market.