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Onsurity, a small and medium enterprise (SME)-focused insurtech company, completed its $45 million Series B round last week led by private equity fund Creaegis, with participation from existing investors, including International Finance Corporation, Quona Capital, and  Nexus Venture Partners.

The company had raised the first tranche of Series B funding last October.

In a press note, the Bengaluru startup said it will use the capital to launch new digital products and services, enhancing the financial solutions available to Indian SMEs.

It will also focus on improving tech capabilities, claims experience, and developing fully digital greenfield products, aligning with its commitment to being a 100% paperless insurtech.

“The new funding will significantly enhance our ability to elevate customer experience and strengthen our partnerships within the BFSI ecosystem, ensuring our offerings reach a broader SME audience,” said Kulin Shah, Co-founder and COO of Onsurity.

He added, “Onsurity Plus, our suite of business risk insurance solutions, will also gain from this boost, enabling us to launch more innovative products soon.”

The insuretech startup has onboarded over 8,000 companies, impacting over 1.5 million lives across 26 states and three union territories. With this capital infusion, it aims to partner with 50,000 companies and extend coverage to five million lives by 2026.

“Onsurity has made significant progress in addressing this gap by offering a unique value proposition through its digitally enabled healthcare and insurance solutions that cater to the evolving needs of Indian SMEs. The scale they’ve achieved in just over four years is truly remarkable, and we are thrilled to join Onsurity on this journey,” said Prakash Parthasarathy, Managing Partner and CIO of Creaegis.

Founded by Shah and Yogesh Agarwal in February 2020, Onsurity offers subscription-based healthcare benefits to SMEs, startups, and enterprises. It recently launched CyberSure, which offers personal cyber insurance to protect individuals from cyber threats.

Through its subsidiary, Onsurity also serves SMEs and MSMEs with key business products like cyber insurance, D&O liability insurance, and property insurance.

Besides Creaegis, the startup is backed by International Finance Corporation, Nexus Venture Partners, Quona Capital, and Whiteboard Capital, among others.