Bengaluru-based insurtech startup Plum has committed ₹200 crore (approx. $23.3 million) over the next 3–4 years to expand into digital health services, marking a significant strategic shift from pure-play insurance to becoming a full-stack healthtech platform.
The Tiger Global-backed company is launching Plum Health, a new vertical aimed at offering diagnostics, teleconsultations, and AI-driven health tracking tools tailored to working professionals across India.
According to an ET report citing Plum cofounder and CEO Abhishek Poddar, the investment will be channelled into hiring clinical and engineering talent, building technology infrastructure, and scaling go-to-market and partnership initiatives. A substantial portion of the capital will be used to strengthen the platform’s tech backbone.
“While we are not opposed to raising funds as we continue to grow and expand our business, our investment in healthcare is not contingent on a fresh fundraise,” said Poddar, adding that the commitment will be funded through cash reserves and profits from Plum’s core insurance operations.
To lead this new healthcare vertical, Plum has onboarded Prayat Shah, founder of healthtech startup Wellthy Therapeutics, who brings nearly a decade of experience in digital therapeutics and prior consulting stints with KPMG and PwC.
From Insurtech to Integrated Health
Founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum started as a B2B insurtech platform, offering group insurance and wellness benefits to SMEs and startups. The company leverages proprietary underwriting and fraud detection algorithms to deliver optimized insurance offerings and has built a customer base of over 4,000 companies, covering more than 500,000 individuals.
Its client roster includes high-growth startups such as Zomato, Swiggy, smallcase, and WeWork.
The latest move positions Plum to compete in the fast-growing healthtech space, going up against players like Pazcare, Nova Benefits, and Onsurity, while also aligning with broader industry trends where insurance platforms are pivoting into holistic healthcare ecosystems.
Sector Sees Strong Momentum
Plum’s announcement comes amid rising investor interest in healthtech. According to Inc42, India’s healthtech sector attracted $377 million in funding across 29 deals in the first half of 2025. Recent entrants and expansions include Amazon India, which launched Amazon Diagnostics, and PB Fintech, which rolled out its healthcare arm with a $218 million seed round.
Other notable fundraises include CureBay ($21 million in May) and Dozee (₹71.5 crore in equity and debt in March).
As Plum transitions from insurtech to a broader digital health platform, the ₹200 crore commitment signals its intent to lead this convergence—bringing insurance, wellness, and care delivery under one digital umbrella.
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