Indian insurtech company Plum secures $20m in Series B round

Indian insurtech operator Plum has raised Rs1.93bn ($20.6m) in a Series B funding round led by Peak XV Partners. 

The round also saw participation from GMO Venture Partners and existing backer Tanglin Venture Partners. 

Citing CEO Abhishek Poddar, Reuters reported that the funding values the Bengaluru-based company at Rs11.81bn. 

Plum was founded in 2019 by Poddar and Saurabh Arora.  

It runs an employee health benefits platform used by employers to provide insurance and healthcare services to staff. 

The company plans to use the new funding to strengthen sales and marketing as it expands in India’s corporate insurance segment; increase technology spending including AI-led claims processes; and build out services in preventive and primary healthcare.

Plum previously relied entirely on insurance broking for revenue, but its newer healthcare business is expected to form a larger part of the overall mix.  

“If I look at the revenue distribution, 80% insurance and 20% healthcare. Very quickly, healthcare has become significant for us, and it is growing in triple ⁠digits,” Poddar was quoted by Reuters as saying.  

“Our prediction is that healthcare within our corporate business would be roughly 40–45% within the next couple of years.” 

Poddar also said the company has already seen operational gains from AI, particularly in claims processing.  

“In the last four years, our claims volume has grown by around 50 times. We have been able to scale by 50 ⁠times with a team that would have grown by two times. That is the kind of scale advantage and efficiency advantage that you ⁠can generate using AI,” he said. 

Plum’s previous funding round was a $15m Series A in 2021, led by Tiger Global and supported by Peak XV’s Surge, Tanglin Venture Partners, Incubate Fund and Gemba Capital. 

Moneycontrol reported that Plum recorded close to Rs700m in revenue in fiscal year 2025, alongside six months of earnings before interest, taxes, depreciation and amortisation (EBITDA) profitability.  

The latest round follows the company’s first full year of EBITDA and cash flow profitability, amid a broader focus in insurtech on profitability and longer-term growth. 

Peak XV managing director GV Ravishankar, as reported by Moneycontrol, said Plum’s emphasis on claims and customer experience leaves it well placed as employers put greater focus on employee well-being and smoother insurance delivery.