Bengaluru-based insurtech startup Plum has secured $20 million (₹193 crore) in a Series B funding round led by Peak XV Partners, valuing the company at $140 million post-money. Existing investor Tanglin Venture Partners and new backer GMO Venture Partners participated.
Funding Utilization
The capital will fuel AI-driven claims processing enhancements, talent acquisition, and expansion into preventive care, primary care, mental wellness, and telehealth. Plum aims to slash reimbursement times from days to hours while scaling enterprise integrations.
Company Milestones
Founded in 2019, Plum serves 6,000+ organizations like CRED, Swiggy, and Zomato, processing 500,000+ claims with 78% automation (up from 34% in 2022). It reduced cashless discharge to 47 minutes and reimbursements to 1.5 days, achieving EBITDA profitability.
Strategic Outlook
CEO Abhishek Poddar emphasized claims as the “north star,” positioning Plum against Acko, ClaimBuddy, and Policybazaar. Peak XV’s GV Ravishankar highlighted its employee wellbeing focus amid insurtech evolution.
