Plum raises $20M
Indian employee‑health InsurTech Plum closed a $20 million Series B led by Peak XV to scale AI‑led claims, healthcare services, and deeper enterprise integrations — giving a playbook for benefits platforms that want to unify claims and care navigation. The round values Plum at roughly $142 million and underscores continued global InsurTech funding. (reuters.com)
The Series B also saw participation from existing backer Tanglin Venture Partners, which increased its stake, and a new investor, Japan‑based GMO Venture Partners. (entracker.com) Plum was founded in 2019 by Abhishek Poddar and Saurabh Arora; Poddar remains CEO and has framed the business around claims experience as a “north star.” (fintechbiznews.com) The startup says it now serves more than 6,000 organisations, including CRED, Meesho, PhonePe, Swiggy, Tata CLiQ, Urban Company, WeWork and Zomato, covering over 600,000 employees. (entracker.com) Plum reports it has processed more than 500,000 claims to date and cut median cashless hospital discharge time to 47 minutes from 180 minutes in 2019. (fintechbiznews.com) The company says median reimbursement turnaround has improved to about 1.5 days from 25 days and that roughly 78% of claims are resolved without human intervention. (entracker.com) Plum marked its first full year of EBITDA and cash‑flow profitability ahead of this round and previously raised $15.6 million in a 2021 Series A led by Tiger Global. (entracker.com / techcrunch.com) Management says the company is targeting a reach of roughly 10 million employees and expects healthcare services to grow to about 40–45% of revenue over the coming years. (insurtechanalyst.com / cnbctv18.com)
