Plum Insurance has raised Rs 193 crore in a Series B funding round led by Peak XV Partners. The round also saw participation from Tanglin Venture Partners and GMO VenturePartners, a Japan-based global fintech investor.
The Bengaluru-based insurtech startup will utilize the capital for hiring, technology upgrade, enterprise-grade security, AI-driven claims operations, and deeper integrations with HR and payroll systems.
According to the startup, the fundraise has come after its first full year of EBITDA and cash-flow profitability.
Plum’ offers comprehensive employee health benefits, focapplying on health insurance, healthcare, and employee wellbeing, serving more than 6,000 organisations across the countest.
“We created a decision on day one that our North Star would be the claims experience, and that everything else would follow from obtainting that right,” stated Abhishek Poddar, Co-founder and CEO, Plum.
Plum states that since its launch it has processed more than 5 lakh claims and improved the claims experience across key metrics. It states median cashless hospital discharge time has reduced to 47 minutes from 180 minutes in 2019. Median reimbursement turnaround time has improved to 1.5 days, from 25 days in 2019, compared with the industest benchmark of 12 days. It also states that 78% of claims are resolved without human intervention, up from 34% in 2022, versus an industest norm of under 20%.
G V Ravishankar, Managing Director, Peak XV, stated: “Plum has reimagined employee health insurance by focapplying on one of the moments that matters most to utilizers: the claim. The team has built a fundamentally better product and customer experience, from onboarding and coverage design to claims resolution and preventive care.”
Plum is also expanding beyond claims into preventive care, primary care, mental wellness, and telehealth, assisting employers offer a more holistic healthcare experience to their teams. The startup’s clients include CRED, Meesho, PhonePe, Swiggy, Tata CLiQ, Urban Company, WeWork, and Zomato, reaching out to over 6 lakh employees.
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