Group health insurance startup Plum has raised $15.6 million in a Series A funding spearheaded by Tiger Global. Existing investors Sequoia Capital, Tanglin Venture Partners, Incubate Fund and Gemba Capital also participated in the fundraising.
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The round also saw participation from a slew of angel investors including 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 15-month-old startup has raised $5 million in earlier rounds since inception. The platform is currently working with over 600 organizations, clocking a 110 percent quarter-on-quarter growth, it said in a statement.
According to the company, it has insured 40,000 people just in the past 3 months and works with SMEs, corporations and startups including Groww, Unacademy, Twilio, CleverTap, UrbanLadder, smallcase and Simpl.
Plum said it offers group health insurance coverage on a B2B2C model with an aim to accelerate adoption of health insurance in India by making it accessible, affordable and usable for employees. The new funds will be used to scale its engineering, business development and operations teams.
The company is looking to build insurance products for micro enterprises with small teams that can't afford to pay annual premiums, it said.
“Plum aims to reach a milestone of 10 million lives insured by 2025, by changing the employee health insurance space. With Plum, we are making the process transparent, affordable and easy, using tech at scale. The adoption of health insurance by startups, SMEs and corporates is increasing exponentially, and is further accelerated by the ongoing Covid-19 pandemic. We are building Plum to enable a high quality healthcare experience for every single employee and their family members”, said Abhishek Poddar, co-founder & CEO, Plum.