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