43
/
2
Min Read
Employee health benefits platform Plum Insurance has raised INR 193 crore (USD 20.5 million) in its Series B funding round led by Peak XV Partners. Existing investor Tanglin Venture Partners increased its stake in the company, while GMO VenturePartners joined the round as a new investor.
This marks Plum’s first major fundraise in nearly five years, following its USD 15.6 million Series A round led by Tiger Global in 2021.
The company said it will use the fresh capital to invest in talent, strengthen technology infrastructure, enhance enterprise-grade security, and expand AI-driven claims operations. It also plans to build deeper integrations with HR and payroll systems to improve the overall employee healthcare experience.
Founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum is a Bengaluru-based employee health insurance platform focused on startups and small and medium enterprises. It offers group health insurance along with primary healthcare services such as teleconsultations, health check-ups, wellness programmes and an AI-powered claims management system.
Plum currently serves over 6,000 organisations, covering more than 600,000 employees. Its clients include companies such as CRED, Meesho, PhonePe, Swiggy, Tata CLiQ, Urban Company, WeWork and Zomato.
The company has focused on improving the claims experience, a long-standing challenge in the insurance sector. It reports having processed over 500,000 claims to date. The median cashless hospital discharge time has reduced to 47 minutes from 180 minutes in 2019, while reimbursement turnaround time has improved to 1.5 days from 25 days.
According to the company, 78% of claims are now processed without human intervention, compared to 34% in 2022. In disputed cases, it said it has secured favourable outcomes in 88% of instances, recovering over INR 10 crore in payouts in the past year.
The fundraise follows Plum’s first full year of EBITDA and cash flow profitability.
