Plum Raises $21 Million in Series B to Double Down on the World’s Best Claims Experience

Round led by Peak XV, with participation from GMO Venture Partners & Tanglin Venture Partners

Bengaluru, India — 26 March, 2026 — Plum, India’s leading employee health benefits platform, today announced the close of its $21 million Series B funding round. The round is led by Peak XV Partners, with Tanglin Venture Partners increasing its existing stake, and marks the debut investment in Plum by GMO Venture Partners, the Japan-based global technology investor. The announcement follows Plum’s first full year of EBITDA and cash flow profitability — proof, at scale and at unit economics level.

Since its founding in 2019, Plum has organised itself around a single conviction: that in insurance, nothing matters more than the moment a claim is filed; the claim itself. Not the policy document. Not the network size. Not the premium. And yet, in India’s group health insurance market, this moment is often the most painful for employees, with approvals and reimbursements taking weeks, sometimes months, to process.

Six years and 550,000+ claims later, this conviction has produced results that have no precedent in the global insurance industry:

• Plum’s claims NPS is 79 — the highest recorded in the insurance industry worldwide, held consistently as the company scaled 60x in claims volume. Most insurers don’t measure claims NPS at all, because a claim is a moment of distress and the score is almost guaranteed to disappoint.
• Cashless hospital discharges are processed in a median of 47 minutes, down from 180 minutes in 2019, against an industry benchmark of 90 minutes today.
• Reimbursement claims are settled in a median of 1.5 days, down from 25 days in 2019, against an industry benchmark of 12 days.
• 78% of claims are resolved without any human intervention, up from 34% in 2022, compared to an industry norm of under 20%.
• When insurers deny claims, Plum contests them. 88% of disputed claims result in a favourable payout for the user, with the company recovering over INR 10 crore in previously denied claims in the last year alone.

These are not incremental improvements. They represent a structural rethinking of how claims infrastructure is built, staffed, and measured - the result of every team working in tandem across speed, seamlessness, value, and ease. 

“We made a decision on day one that our north star would be the claims experience, and that everything else would follow from getting that right,” said Abhishek Poddar, Co-founder and CEO, Plum. “Six years in, it has. This round is about moving faster on what we know works.”

The primary purpose of this capital is twofold: to deliver the world’s best claims experience to every employee in India, and to close the loop on what that experience demands — prevention, primary care, mental wellness, telehealth. Everything that leads to the claim, and everything that follows from it.

Funds will be deployed toward talent, technology, enterprise-grade security, AI-driven claims operations, and deeper integrations with the HR and payroll systems its customers already run.

“Plum has built something that should not exist in insurance: a product that customers genuinely love, at a scale that has made the business stronger, not weaker,” said GV Ravishankar, Managing Director, Peak XV Partners. “The team’s focus on the claims experience is not a positioning choice. It is a genuine operating philosophy, and it shows in every metric that matters.”

“We have been close to this business through multiple stages of its growth, and our decision to increase our stake reflects a conviction that the best is still ahead,” said Sankalp Gupta, Managing Partner, Tanglin Venture Partners. “Plum has earned the trust of some of the most discerning companies in India and globally, and is now in a position to define the standard for the industry.”

Plum today serves over 6,000 organisations across India, including Swiggy, Zomato, CRED, Meesho, Urban Company, WeWork, Atlassian, Notion, Twilio, and many more. These companies share a common belief: that talent is their primary competitive advantage, and that the benefits experience their employees receive must reflect that.

About Plum

Plum is India’s leading employee health benefits platform, trusted by over 6,000 organisations to deliver insurance and healthcare benefits to more than 600,000 employees. Founded in 2019 and headquartered in Bengaluru, Plum has built the highest-rated claims experience in the insurance industry globally. For more information, visit plumhq.com.

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