Creaegis Leads $26 Million Funding Round for Onsurity

In a new funding round led by Creaegis also including current investors like Quona Capital and Nexus Venture Partners, employee healthcare platform Onsurity has raised Rs 219 crore, or $26.4 million.

According to the firm’s regulatory filing that was retrieved by the Registrar of Companies (RoC), the board approved a special resolution to issue 10, equity, and 6,302 series B1 CCPs at an issue price of Rs 3,48,089 apiece to generate Rs 219 crore or $26.4 million. With an initial investment of Rs 176.4 crore, Creaegis led the round, followed by injections of Rs 31.4 crore and Rs 11.9 crore from Nexus Ventures and Quona Capital, the round’s current investors. As determined by the board, the firm will use the funds for general corporate objectives, working capital requirements, and development and expansion.

According to TheKredible, the firm’s post-allotment valuation is approximately Rs 1,032 crore (or $124 million). After receiving the new funds, Creaegis will hold a 17.10% stake in the company, while Nexus and Quona will have 28.22% and 12.82% ownership, respectively.

Yogesh Aggarwal and Kulin Shah-led Onsurity provides subscription-based services that businesses can buy and provide to their full-time staff, independent contractors, interns, and consultants. The company provides business products, such as cyber insurance, D&O liability insurance, and commercial general liability insurance, among others, through its subsidiary. With the $24 million Series B round in October of last year and the $16 million Series A round in August of 2021, the business has raised over $66 million to date.

The principal investor, Creaegis, concluded its $426 million first fund recently to help Indian businesses. Companies including Third Wave Coffee, Doceree, Medikabazaar, Zopper, and Kale Logistics are part of its investment portfolio.

Source: Entrackr