Plum, a Bengaluru-based health insurance platform, has raised $20 million (around ₹193 crore) in a new funding round led by Peak XV Partners. The latest investment reflects growing confidence in digital health and insurance solutions in India.
The round also saw participation from existing investor Tanglin Venture Partners and new investor GMO Venture Partners. With this funding, Plum plans to scale its services and strengthen its technology platform.
Founded in 2019, Plum helps companies offer health insurance and wellness benefits to their employees through a simple digital interface. Today, it works with thousands of businesses across India, from startups to large firms, making it easier for employees to access healthcare services.
The company says a major part of the new funds will go into improving its technology, especially its claims process. By using artificial intelligence, Plum aims to make insurance claims faster and smoother, reducing waiting time and paperwork for users. The goal is to create a more hassle-free experience during what is often a stressful time for customers.
Beyond insurance, Plum is also expanding into a wider range of healthcare services. It plans to strengthen offerings in areas like preventive care, mental health support, primary care, and telehealth. This shift shows the company’s ambition to move beyond being just an insurance provider and become a more complete healthcare platform.
Plum has already started automating a large portion of its claims, helping improve efficiency and turnaround times. With additional investment, it hopes to build on this progress and further enhance customer experience.
The startup is also focusing on steady and sustainable growth. It has achieved operating profitability and now aims to expand while maintaining financial discipline.
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