Health Insurance Startup Plum Raises $15.6 Million led by Tiger Global
Employee health insurance startup Plum has raised $15.6 million in Series A funding led by Tiger Global. Existing investors Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund,and Gemba Capital also participated in the round.
Angel investors including Kunal Shah (Founder, Cred); Gaurav Munjal, Roman Saini, and Hemesh Singh (Founders, Unacademy); Lalit Keshre, Harsh Jain, and Ishan Bansal (Founders, Groww); Ramakant Sharma and Anuj Srivastava (Founders, Livspace); and Douglas Feirstein (Founder, Hired), also participated in the round.
The health insurance startup has raised $5 million earlier in 2020. The fresh capital will be utilized by Plum to further scale its engineering, business development, and operations teams said a statement. The startup is also looking at building deeper API integrations with insurers like ICICI Lombard, Care Health, Star Health, and New India Assurance.
Founded in 2019, Plum provides health benefits to SMEs, corporates, and startups. The Bangalore based startup was founded by Abhishek Poddar and Saurabh Arora to redefine employee health insurance stack by forging new underwriting and fraud detection algorithms. The company is building newer insurance products for SMEs with teams as small as seven employees and cannot afford to pay annual premiums.
Abhishek Poddar, Co-founder and CEO, Plum, said, “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.”
Plum’s clientele includes SMEs, corporates, and Indian startups such as Groww, Unacademy, Twilio, CleverTap, UrbanLadder, small case, and Simpl among others.
Speaking about the fundraise Scott Shleifer, Partner, Tiger Global, said, “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”.
Angel investors including Kunal Shah (Founder, Cred); Gaurav Munjal, Roman Saini, and Hemesh Singh (Founders, Unacademy); Lalit Keshre, Harsh Jain, and Ishan Bansal (Founders, Groww); Ramakant Sharma and Anuj Srivastava (Founders, Livspace); and Douglas Feirstein (Founder, Hired), also participated in the round.
The health insurance startup has raised $5 million earlier in 2020. The fresh capital will be utilized by Plum to further scale its engineering, business development, and operations teams said a statement. The startup is also looking at building deeper API integrations with insurers like ICICI Lombard, Care Health, Star Health, and New India Assurance.
Founded in 2019, Plum provides health benefits to SMEs, corporates, and startups. The Bangalore based startup was founded by Abhishek Poddar and Saurabh Arora to redefine employee health insurance stack by forging new underwriting and fraud detection algorithms. The company is building newer insurance products for SMEs with teams as small as seven employees and cannot afford to pay annual premiums.
Abhishek Poddar, Co-founder and CEO, Plum, said, “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.”
Plum’s clientele includes SMEs, corporates, and Indian startups such as Groww, Unacademy, Twilio, CleverTap, UrbanLadder, small case, and Simpl among others.
Speaking about the fundraise Scott Shleifer, Partner, Tiger Global, said, “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”.
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