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Bengaluru’s healthcare insurance provider Plum, which now looks to help small and medium-sized enterprises (SME) get insured, has raised $15.6M in Series A funding from Tiger Global. Plum will use this fund to build their engineering and operations team and also in improving their business.
Bengaluru-based health insurance startup Plum has raised $15.6 million in Series A funding from Tiger Global. Announcing the fundraising on the company blog, Abhishek Poddar, co-founder, and CEO, added that Plum is well-set to make comprehensive health insurance accessible to millions of Indians.
The proceeds shall be used to scale engineering and operation teams and in developing business. Plum is building insurance products for small and medium enterprises with team sizes, as small as seven, and those who cannot afford annual premiums, Mr. Poddar explained on the blog.
Additionally, we’re looking at deeper API integrations with leading insurers like ICICI Lombard, Care Health, Star Health, and New India Assurance.Abhishek Poddar, co-founder, and CEO
Plum’s vision is to give India a hundred percent health insurance penetration and aspires to complete a milestone of insuring ten million lives by 2025, altering the employee health insurance space, Mr. Poddar stressed.
With the close of Series A, the total funding for Plum in four rounds stands at $20.6 million as per Crunchbase data. Other investors – Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital- had participated in the round.
Alongside existing investors, the funding round included participation from angel investors – Kunal Shah, founder of Cred; Gaurav Munjal, Roman Saini, and Hemesh Singh, founders of Unacademy; Lalit Keshre, Harsh Jain, and Ishan Bansal founders of Groww; Ramakant Sharma and Anuj Srivastava, founders, Livspace; and Douglas Feirstein, founder of Hired- as well.
Commenting on the investment, Scott Shleifer, partner at Tiger Global, seconded Mr. Poddar’s statements on Plum’s well-set position to make comprehensive healthcare insurance accessible to millions.
India’s healthcare insurance industry rapidly expands and transforms. We are excited to partner with Abhishek, Saurabh, and the Plum team as they scale their leading tech-enabled platform to employers across the countryScott Shleifer, partner at Tiger Global