Tiger Global leads Plum Benefits’ USD 15.6 Mn Series A funding round
Category: #technology  By Pranali Mehta  Date: 2021-06-01
  • share
  • Twitter
  • Facebook
  • LinkedIn
Tiger Global leads Plum Benefits’ USD 15.6 Mn Series A funding round

Reportedly, Plum Benefits Pvt. Ltd., a health insurance startup, has reportedly secured USD 15.6 million in a Series A funding round which was led by Tiger Global Management LLC, a U.S.-based investment management firm.

Previous investors namely Sequoia Capital India’s Surge, Incubate Fund, Gemba Capital, and Tanglin Venture Partners had also participated in Plum’s latest funding round. 

According to Plum, the company has observed a quarter-on-quarter growth of 110%. Furthermore, it has teamed up with over 600 organizations including corporates, small and medium enterprises, along with fast-growing startups such as Unacademy, Groww, CleverTap, Twilio, smallcase, Simpl, and UrbanLadder.

Scott Shleifer, a partner at Tiger Global, was quoted saying that with the healthcare insurance industry rapidly expanding in India, Plum is in a position to make health insurance accessible to millions of Indians.

Meanwhile, the co-founder and CEO of Plum, Abhishek Poddar, stated that the company intends to provide insurance to around 10 million people by 2025. The adoption of health insurance by startups, corporates, and SMEs is increasing greatly, with the ongoing COVID-19 pandemic further accelerating its need.

Plum claims that group insurance accounts for a 50% share in the Indian health insurance market and has witnessed a 25% compound annual growth rate since the past few years. Group health insurance currently covers 90 million Indians, which is likely to surpass the 500 million mark by 2030.

Notably, Plum managed to raise USD 4 million in November 2020. The company has been developing innovative insurance solutions for small as well as medium enterprises which cannot afford to pay yearly premiums.

In addition, Plum is planning to create a deeper application programming interface along with top insurers such as the ICICI Lombard, Star Health, Care Health, and New India Assurance.

Source Credits –

https://www.vccircle.com/tiger-global-leads-series-a-funding-in-group-health-insurance-startup-plum

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Yellow messenger launches AI-powered bots, rebrands to yellow.ai
Yellow messenger launches AI-powered bots, rebrands to yellow.ai
By Pranali Mehta

Reportedly, Yellow.ai (previously Yellow Messenger) has introduced a revamped brand and an expanded product suite that is focused on providing total customer experience (CX) automation. Yellow.ai added Voice AI bots to its existing portfolio of chat ...

U.S. Senate in turmoil over funding USD 1 trillion infrastructure plan
U.S. Senate in turmoil over funding USD 1 trillion infrastructure plan
By Pranali Mehta

A bipartite infrastructure plan for rebuilding bridges, roads, and other traditional infrastructure, estimated to cost over USD 1.2 trillion, has reportedly been gaining momentous support in the U.S. Senate, but disagreements about the funding requir...

Amazon reduces its Appstore revenue share to help small businesses
Amazon reduces its Appstore revenue share to help small businesses
By Pranali Mehta

After Google and Apple reduced their app store fees, Amazon too has lowered its revenue cut for small developers by launching Amazon Appstore Small Business Accelerator Program. Sources with relevant information stated that this move will allow Amazo...