Insurtech Startup Plum Nets ₹193 Cr To Expand Employee Health Benefits Platform

Insurtech startup Plum has raised ₹193 Cr ($20.6 Mn) in its Series B funding round led by existing investor Peak XV Ventures, with participation from Tanglin Venture Partners and GMO Venture Partners.

The startup plans to use the fresh capital to fund talent acquisition, invest in technology, strengthen enterprise-grade security, build AI-driven claims operations and deepen integrations with HR and payroll systems, while continuing to improve the end-to-end employee healthcare experience.

It is also planning to expand beyond claims into preventive care, primary care, mental wellness, and telehealth in a bid to expand its healthcare benefits.

“This round gives us the capital to move faster on what we know works, while expanding the platform across healthcare and employee benefits,” Plum’s cofounder and CEO Abhishek Poddar said. 

The startup claims that the fundraise comes after its “first full year of EBITDA and cash flow profitability”. 

Founded in 2019 by Poddar and Saurabh Arora, Plum is a B2B insurtech platform that engages with SMEs and startups to provide insurance, healthcare and well-being benefits to employees.  It claims to serve more than 6,000 organisations including the likes of Zomato, Swiggy, Atlassian, CRED, among others. 

Since its inception, Plum has cumulatively raised $20.6 Mn so far. It counts Sequoia Capital, Tanglin Venture Partners, Incubate Fund and Gemba Capital, Tracxn Labs and Incubate India, among others.

In July 2025, the insurtech startup was reported to be planning to expand its health services with a commitment of ₹200 Cr over the next few years. The startup was said to be mulling a separate offering, Plum Health, under which it intended to offer diagnostics, teleconsultations and AI-powered health tracking to clients.

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