Bengaluru: Group health insurance startup, Plum has launched high quality & affordable employee health insurance. This comes after they have successfully raised Rs 7 crore funding.
The company plans to use the funding to scale business & engineering teams so as to solve some of the hardest engineering challenges in Insurtech and build innovative distribution channels. Within just 4 months of launch, Plum claims to get over 100 companies as customers.
The seed funding round was led by Incubate Fund with participation from Gemba Capital and Tracxn Labs along with angel investors including Abhijit Gupta and Ram Sahasranam of Praxify Health, Sudheendra Chilappagari of Belong.co, Nitin Jayakrishnan of Pando and Alvin Tse of Xiaomi. Plum is on a mission to enable employee health insurance for over 1.1 million companies in India by reinventing how health insurance works. The company plans to use the funding to scale business & engineering teams so as to solve some of the hardest engineering challenges in Insurtech and build innovative distribution channels.
‘With Plum, we want to enable every last company in India to provide a high-quality health cover to their employees, no matter how small or big they are. We want to be the de-facto platform for employee health insurance, initially in India, and later in other developing markets like SE Asia and Latam, Says Abhishek Poddar, Co-founder & CEO, Plum.
Saurabh Arora, Co-founder and CTO of the startup added, ‘ we are building a truly online insurance platform that covers frontend (distribution) and backend (pricing, carrier and compliances).’
