TheTechMedia.com/wp-content/uploads/2020/08/medicine-delivery-health-tech-the-tech-portal-300×197.jpg 300w, https://TheTechMedia.com/wp-content/uploads/2020/08/medicine-delivery-health-tech-the-tech-portal-768×505.jpg 768w, https://TheTechMedia.com/wp-content/uploads/2020/08/medicine-delivery-health-tech-the-tech-portal-800×527.jpg 800w, https://TheTechMedia.com/wp-content/uploads/2020/08/medicine-delivery-health-tech-the-tech-portal-1160×763.jpg 1160w, https://TheTechMedia.com/wp-content/uploads/2020/08/medicine-delivery-health-tech-the-tech-portal.jpg 1173w” sizes=”(max-width: 1024px) 100vw, 1024px”>Plum, the Bangalore-based group health insurance startup, has raised funds worth $15.6 million in its Series A funding round. Tiger Global, one of most prominent and popular investment agencies, emerged as the lead investor in the round.
Apart from Tiger Global, the company also saw participation from existing investors, chiefly Incubate Fund, Tanglin Venture Partners, Gemba Capital, and Surge (which is backed by Sequoia India Ventures).
This Series A financial round is the second influx of capital for the firm this year. A few months ago, it had raised an additional $5 million.
Plum is a healthcare startup focused on providing quality health insurance plans, both as groups, or a retail insurances. The aim of team at Plum is to enhance the healthcare insurance scenario in India, which they say is quite abysmal as of now. Founded by Abhishek Poddar and Sourabh Arora, the firm is slowly but surely spreading its network to cover the whole country.
The programmes provided in the packages include a wide range of offerings, from term life plans, to accidental covers. All members of the family, including parents, are covered under the plans provided by the company.
Under its many plans, a number of insurance schemes have been put forward, for B2B purposes, some of which are highly suitable for startups and small companies. This would explain Plum’s popularity among SMEs and newer start-ups, including the likes of CleverTap, Unacademy, Groww, UrbanLadder, Simpl, smallcase, and Twilio. Coming up are specialized insurance plans for SMEs with as less as seven employees, who lack the capacity of paying annual premiums.
The year seems to be going quite well for the insurance provider, with no signs of stopping any time soon. A statement by the team reveals a growth rate of a whopping 110% quarter-on-quarter, brought in by the 600 organizations that have joined hands with Plum.
The new funds will be used up in strengthening and expanding the engineering, operations, and business development. Prime investors included well known names like Kunal Shah, Roman Saini and Hemesh Singh (from Unacademy), Harsh jain and Ishan Bansal (from Groww), and Douglas Feirstein, among others.
Also, the firm is looking towards strengthening ties with insurers, including giants like ICICI Lombard, Star Health, and Care Health, among others. This will further help it come with more favourable and possibly, affordable, schemes.
