Indian group health insurance startup Plum has reportedly raised INR70m ($930,000) in seed funding round lead by Incubate Fund.
Gemba Capital, Tracxn Labs and several angel investors participated in the financing.
The company intends to use the funding to scale business and engineering teams to solve engineering challenges and build new distribution channels, reported Healthcare Radius.
Plum offers customisable plans and transparent pricing to employers and employees through its online platform. It provides employees with doctor consultations, health check-ups, fitness & yoga, mental wellness, nutrition and dental care.
Plum co-founder and CEO Abhishek Poddar was quoted by the publication as saying: “When we look at other countries like the US, we see that a high percentage of the population is covered under employer-provided health insurance. We believe that India too will move in that direction, where a significant portion of India’s population will rely on employer-sponsored health insurance.
“With Plum, we want to enable every last company in India to provide a high-quality health cover to their employees, no matter how small or big they are.”
Reportedly, Plum aims to enable employee health insurance for over 1.1 million companies in India. It currently has over 100 companies as customers.
The company was founded last year by Abhishek Poddar and Saurabh Arora.