Insurtech Firm Plum Secures Rs 193 Crore Investment from Peak XV to Scale Employee Health Benefits Platform

Plum Raises Rs 193 Crore in Series B Funding Round

Plum, a Bengaluru-based employee health benefits platform, has secured Rs 193 crore in a Series B funding round led by Peak XV Partners. Existing investor Tanglin Venture Partners and new backer GMO Venture Partners also participated in the round.

The fresh capital will be deployed towards enhancing technology, talent acquisition, enterprise-grade security, and scaling AI-driven claims operations. Additionally, the company plans to expand integrations with HR and payroll systems while broadening its healthcare stack across preventive care, primary care, mental wellness, and telehealth.

Founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum operates an employee health benefits platform that enables companies to offer insurance and healthcare services to their workforce. The company currently serves over 6,000 organisations, including startups and large enterprises such as CRED, Meesho, PhonePe, and Swiggy, covering more than 600,000 employees.

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In its previous funding round, Plum raised $15 million in its Series A round in 2021, led by Tiger Global and backed by Peak XV’s Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital. The company reported Rs 70 crore in revenue in FY25, with six months of EBITDA profitability.

The fundraise comes after Plum reported its first full year of EBITDA and cash flow profitability, signalling a shift towards sustainable growth in the broader insurtech sector. Since inception, the company has processed over 500,000 claims and reduced median hospital discharge time to 47 minutes, while bringing reimbursement turnaround time down to 1.5 days.