Plum, a group health insurance startup, has raised $15.6 Mn in a Series A round. VC giant Tiger Global spearheaded the round while slew of existing & angel investors have also participated in the round. The startup did not disclose about the exact valuation it commanded in the funding round.
Existing investors that participated in the round include Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund and Gemba Capital. The round also saw participation of high-profile angle investors including Cred’s Kunal Shah & Unacademy’s Gaurav Munjal. Unacademy’s other two Roman Saini and Hemesh Singh also participated in the round.
Before this round, Plum had raised seed funding round in two tranches.
The startup’s funding has come at a time when pandemic has accelerated the demand for health insurance.
Commenting on the latest funding round, Abhishek Poddar, Co-founder & CEO, Plum, said, “Plum aims to reach a milestone of 10mn 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. We are building Plum to enable a high quality healthcare experience for every single employee and their family members. “
About Plum Insurance
Plum is a health insurance startup that provides group health insurance to company’s employees. The company is especially focusing on small companies and startups. SMEs & small companies often struggle to purchase quality insurance products for their employees, the company claims.
Plum points at three pain-points that it is trying to resolve with regards to providing insurance to SMEs & small companies:
- Accessibility – smaller companies cannot access high quality insurance plans. It takes them lot of time to negotiate the same.
- Affordability – quality health insurance product is way to expensive for smaller companies.
- Usability – employees of these companies are stuck when they actually have to avail their insurance.
The company fast growing startups like Groww, Urban Company, ClassPlus, GigIndia & Smallcase among its many clients.