Bengaluru-based insurtech startup Plum has raised $20.6 million (₹193 crore) in a Series B funding round led by Peak XV Partners, with participation from existing investor Tanglin Venture Partners and new investor GMO Venture Partners. The funding underscores strong investor confidence in the company’s technology-driven approach to corporate health insurance and employee benefits.
Founded in 2019, Plum operates as a digital health insurance platform providing group health coverage and wellness services to enterprises, startups, and SMEs. The company has grown rapidly, serving over 6,000 organizations and covering more than 600,000 individuals, positioning itself as one of India’s leading digital corporate insurance platforms.
The newly raised capital will be used to invest in product innovation and technology, particularly in areas such as AI-driven claims processing, enterprise-grade security, and deeper integrations with HR and payroll systems. The company is also focusing on expanding its offerings beyond insurance into a broader healthcare ecosystem.
As part of its growth strategy, Plum plans to strengthen its presence in preventive healthcare, including services like health checkups, mental wellness, teleconsultation, and primary care. This reflects a shift from being a traditional insurance intermediary to a full-stack healthtech platform addressing end-to-end employee health needs. The funding comes at a time when India’s insurtech and healthtech sectors are witnessing increased investor interest, driven by rising demand for digital healthcare solutions and employer-led insurance benefits. Plum’s focus on automation, accessibility, and integrated healthcare services positions it to capitalize on this growing market opportunity.
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