Education
Tiger Global and Sequoia Capital's Surge invest $15.6 million in an Indian insurtech business.
Plum, a group health insurance company located in India, has secured $15.6 million in series A investment backed by Tiger Global. Sequoia Capital India's Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital were among the existing investors in the round.
Several big Indian startup founders took part in the round, including Kunal Shah, the founder of Cred; Gaurav Munjal, Roman Saini, and Hemesh Singh, the co-founders of Unacademy; Lalit Keshre, Harsh Jain, and Ishan Bansal, the co-founders of Groww; Ramakant Sharma and Anuj Srivastava, the co-founders of Livspace; and Douglas Feirstein, the co
Last year, Plum raised $5 million.
The company, which was founded in 2019, sells employee health insurance policies to businesses, which then sell them to their employees. It needs clients to have a minimum of seven employees participate in order to provide them with insurance at a lower cost.
Abhishek Poddar, a former Google employee, and Saurabh Arora, who previously created customer engagement firm Airwoot, which was later bought by Freshworks, launched the firm.
Plum intends to use the additional capital to expand its engineering, business development, and operations teams.
The insurtech business claims to have reached 90 million individuals in India thus far, with a goal of reaching 500 million by 2030.It claims to control nearly half of the US$3.5 billion health insurance industry in the country.
ICICI Lombard, Care Health, Star Health, and New India Assurance are among the top insurers in the nation, and the firm is actively working to establish greater integration with them.
Groww, Unacademy (whose founders are Plum's angel investors), Twilio, CleverTap, UrbanLadder, Smallcase, and Simpl are among the more than 600 organizations onboarded as clients of the Bangalore-based firm.
By 2025, it aims to assist 10 million individuals in the country in becoming insured.
