Plum, a Bengaluru, India-based group health insurance startup aiming to provide health insurance, raised $15.6m in Series A funding.
The round was led by Tiger Global with participation from Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund and Gemba Capital, as well as Kunal Shah (founder, 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).
The company intends to use the funds to further scale engineering, business development and operations teams.
Founded in late 2019 by Abhishek Poddar and Saurabh Arora, Plum is building insurance products for SMEs who have teams as small as 7 employees and cannot afford to pay annual premiums. The platform’s real-time insurance design and pricing enables companies to buy insurance quickly and offers employees an easy claims experience through an integrated digital process.
The company is also looking at building API integrations with insurers like ICICI Lombard, Care Health, Star Health and New India Assurance.
Client base includes SMEs, corporates and fast-growing startups in India, including Groww, Unacademy, Twilio, CleverTap, UrbanLadder, smallcase and Simpl.