PE-VC Fund Investments
Insurtech startup Plum Benefits raises $20-M led by Peak XV Ventures
Bengaluru-based insurance technology startup Plum Benefits has raised INR 193 crore (USD 20.6 million) in a Series B funding round led by existing investor Peak XV Ventures, with participation from Tanglin Venture Partners and GMO Venture Partners.Founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum enables providing insurance, healthcare, and well-being benefits to employees of small and medium-sized enterprises (SMEs) and startups. The company serves over 6,000 organisations, including Zomato, Swiggy, Atlassian, and CRED.The new capital will be used for talent acquisition; technology investments; strengthening enterprise-grade security; building AI-driven claims operations; deepening integrations with HR and payroll systems; and improving the overall employee healthcare experience.
Between Feb-20 and May-21, Plum had attracted about USD 21 M from Incubate Fund Asia, LogX Ventures, Peak XV Partners, Tanglin Venture Partners, Tiger Global, Others.For FY24, Plum had reported about INR 9 Cr in Operating Income and about INR 15 Cr in Net Loss.
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