Bengaluru, India-based based employee health insurance startup that provides health benefits to SMEs, corporates, and startups, Plum raised US$ 15.6 million in Series A funding round on 31 May 2021.
Investors: The funding round was led by Tiger Global, with participation from previous investors Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund and Gemba Capital. Angel investors including Kunal Shah (Founder of Cred), Gaurav Munjal, Roman Saini and Hemesh Singh (Founders of Unacademy), Lalit Keshre, Harsh Jain and Ishan Bansal (Founders of Groww), Ramakant Sharma and Anuj Srivastava (Founders of Livspace) and Douglas Feirstein (Founder of Hired) also participated in the round.
Purpose of the funding: The funds raised will be utilized by the company to further scale its engineering, business development and operations teams. It will be used to build newer insurance products for SMEs who have teams as small as seven employees and cannot afford to pay annual premiums. Plum is also looking to build deeper API integrations with insurers like ICICI Lombard, Care Health, Star Health and New India Assurance.
About Plum
Founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum provides health insurance at an affordable price. Its group health insurance comes with no surprises, no hidden costs & no out-of-pocket expenses. Plum is re-imagining the employee health insurance stack by forging new underwriting and fraud detection algorithms. Its real-time insurance design and pricing enables companies to buy insurance in just three clicks.
Plum claims to have 600 organisations on board and to have witnessed a growth rate of 110 percent quarter-on-quarter. Some of its clients include SMEs, corporates and Indian startups including Groww, Unacademy, Twilio, CleverTap, UrbanLadder, Smallcase, and Simpl.
What the CEO has to say: “Plum aims to reach a milestone of 10 million lives insured by 2025 by changing the employee health insurance space. With Plum, we are making the process transparent, affordable, and easy, using tech at scale. The adoption of health insurance by startups, SMEs, and corporates is increasing exponentially, and is further accelerated by the ongoing COVID-19 pandemic.” – Abhishek Poddar, CEO of Plum.
What the investors have to say: “As India’s healthcare insurance industry rapidly expands and transforms, Plum is well-positioned to make comprehensive health insurance accessible to millions of Indians. We are excited to partner with Abhishek, Saurabh, and the Plum team as they scale their leading tech-enabled platform to employers across the country.” — Scott Shleifer, Partner at Tiger Global.
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