Plum raises $4.1 mn in funding from Surge, Tanglin Venture Partners, others

Employee insurance start-up Plum on Thursday said it has raised USD 4.1 million (about Rs 30.2 crore) in funding, led by Sequoia Capital India’s Surge and Tanglin Venture Partners. Existing investors, including Incubate Fund, also participated in the funding round, a statement said.

The funding will be used to expand into new markets, build new distribution channels, hire top talent and further develop products and tech, it added. The company is part of the fourth cohort of Surge, a bi-annual scale-up program for start-ups in India and Southeast Asia.

Launched in March 2020, Plum aims to make group health insurance affordable and accessible for businesses of all sizes. India has one of the lowest penetration rates for health insurance in the world, with 18 per cent of urban employees and 14 per cent of rural areas receiving coverage of some kind. Over 50 million Indians fall into poverty every year due to their inability to finance health issues, the statement said.