Plum, the Bengaluru-based employee health benefits platform, secured Rs 193 crore in a Series B funding round. Peak XV Partners led the investment, while existing backer Tanglin Venture Partners and new investor GMO Venture Partners joined in. This capital infusion empowers Plum to enhance its insurance infrastructure significantly.
The company will channel the fresh funds into bolstering technology, recruiting top talent, fortifying enterprise-grade security, and expanding AI-driven claims operations. Additionally, Plum aims to integrate seamlessly with HR and payroll systems. Meanwhile, it plans to widen its healthcare offerings, encompassing preventive care, primary care, mental wellness, and telehealth.
“We made a decision on day one that our north star would be the claims experience,” said Abhishek Poddar, co-founder and CEO, Plum. “This round gives us the capital to move faster on what we know works while expanding the platform across healthcare and employee benefits.”
Founded in 2019 by Poddar and Saurabh Arora, Plum delivers a robust employee health benefits platform. It enables companies to provide insurance and healthcare services effortlessly to their teams. Currently, Plum serves over 6,000 organizations—from nimble startups to giants like CRED, Meesho, PhonePe, and Swiggy—covering more than 600,000 employees.
Previously, the company raised $15 million in its Series A round in 2021, spearheaded by Tiger Global and supported by Peak XV’s Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital. In FY25, Plum generated nearly Rs 70 crore in revenue and achieved six months of EBITDA profitability. This latest fundraise follows Plum’s milestone of its first full year of EBITDA and cash flow profitability, highlighting a promising shift toward sustainable growth in the insurtech landscape.
Since its launch, Plum has handled over 500,000 claims efficiently. It slashed median hospital discharge time to 47 minutes and shortened reimbursement turnaround to just 1.5 days. “Plum’s focus on claims and customer experience positions it strongly as enterprises increasingly prioritise employee wellbeing and efficient insurance delivery,” noted GV Ravishankar, managing director at Peak XV.
Plum’s strategic funding round not only fuels its technological edge but also cements its leadership in transforming employee health benefits. As businesses prioritize wellness and efficiency, the company stands poised for exponential growth, setting new benchmarks in India’s insurtech sector.
