We’re thrilled to announce that we’ve raised $15.6m in a Series A round led by Tiger Global to make health insurance accessible for all businesses.
Our $15.6mn Series A is led by Tiger Global with participation from earlier investors – Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital.
We also added angel investors including Kunal Shah (founder of Cred), Gaurav Munjal, Roman Saini and Hemesh Singh (founders of Unacademy), Lalit Keshre, Harsh Jain and Ishan Bansal (founders of Groww), Ramakant Sharma & Anuj Srivastava (founders of Livspace), and Douglas Feirstein (founder of Hired). What’s most exciting is that some of them were customers of Plum before turning into investors.
“As India’s healthcare insurance industry rapidly expands and transforms, Plum is well-positioned to make comprehensive health insurance accessible to millions of Indians. We are excited to partner with Abhishek, Saurabh, and the Plum team as they scale their leading tech-enabled platform to employers across the country.”
Scott Shleifer, Partner at Tiger Global
We are grateful to our early customers for supporting and inspiring us to build Plum, and to our team, who have worked hard to get us to this point.
Fuelling employer-driven insurance
Plum’s mission is to accelerate the adoption of health insurance in India by making it accessible, affordable, and usable for employees. With over 600 organizations on-boarded, Plum is witnessing a growth rate of 110% quarter-on-quarter and leads the industry with a Claims NPS of 79. Our client base includes SMEs, corporates, and fast-growing startups in India, including Groww, Unacademy, Twilio, CleverTap, UrbanLadder, smallcase, and Simpl.
We will use the funds raised to scale engineering, business development, and operations teams. We are building newer insurance products for SMEs with teams as small as 7 employees, who cannot afford to pay annual premiums. Additionally, we’re looking at deeper API integrations with leading insurers like ICICI Lombard, Care Health, Star Health, and New India Assurance.
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What we’re building
When purchasing health insurance for their teams, even the best businesses experience challenges around:
Accessibility: smaller companies cannot access high-quality insurance plans. It takes them months to build and negotiate a plan.
Affordability: health insurance is very expensive for smaller companies.
Usability: employees of these companies are stuck when they actually have to use their insurance.
Plum is reimagining the employee health insurance stack by forging new underwriting and fraud detection algorithms that allow companies with as few as 7 employees to benefit from group insurance. Our real-time insurance design and pricing enables companies to buy insurance in just 3 clicks. We offer employees a smooth, hassle-free claims experience through an integrated digital process.
We are also building comprehensive health benefits including doctor consultations, health check-ups, mental wellness, and dental care.
In our biggest health crisis, Plum has been at war, deploying our arsenal to help businesses scale the fortress of legacy health insurance systems. We’ve built comprehensive Covid packages, helping even the smallest start-ups take care of their employees' well-being remotely.
The long game – impacting millions of lives
Our audacious vision is to take the country’s health insurance penetration numbers to 100%. We aim to reach a milestone of 10mn lives insured by 2025, by changing the employee health insurance space.
We are committed to building a future where everyone has access to healthcare.
Growing our team
To realize our vision, we need the best people from around the globe who are equally committed to our mission. We’re a young team that wants to put a dent in the market as we build our products and brand. We’d love for you to come over, challenge us and shape the future at Plum.
By joining us, you can make a mark in the country’s healthcare story over the next decade. You can impact the lives and health of millions of Indians like never before, and be there during moments when they need us the most. Your work will be the driving force that solves a host of healthcare problems that plague businesses, employees, and medical professionals alike.
We are doing something that has never been done before.
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