Thursday, 26, 2026: Bengaluru-based insurtech startup Plum has raised ₹193 crore in its Series B funding round, to deploy the funds to strengthen its workforce, upgrade its technology stack, and enhance enterprise-grade security systems.
Among the key focus area will be widening the AI-powered claims processing and building deeper integrations with HR and payroll platforms, aiming to streamline employee health benefits for organizations.
Founded with a focus on simplifying employee health insurance, Plum today serves over 6,000 organizations across India, offering a suite of services spanning insurance coverage, healthcare access, and employee wellbeing programs. Its client base includes prominent companies such as CRED, Meesho, PhonePe, Swiggy, Tata CLiQ, Urban Company, WeWork, and Zomato, collectively reaching more than 600,000 employees.
CEO and co-founder Abhishek Poddar said the company has consistently prioritised claims experience as its core differentiator. This strategy appears to be paying off.
Since its inception, Plum has processed over 500,000 claims while significantly improving turnaround times and efficiency. Median cashless hospital discharge time has dropped to under an hour, compared to nearly three hours in 2019. Similarly, reimbursement timelines have been reduced dramatically to just 1.5 days, far ahead of the industry average.
The company also reports a sharp rise in automation, with nearly four out of five claims now resolved without human intervention, highlighting the growing role of AI in insurance operations.
Peak XV Backs Plum as It Expands AI and Preventive Healthcare Offerings
Investors see this focus as a key driver of Plum’s growth. Peak XV’s Managing Director G V Ravishankar noted that the startup has redefined employee health insurance by addressing critical user pain points, particularly during claims processing, while also improving the overall customer journey from onboarding to preventive care.
Looking ahead, Plum is expanding its offerings beyond insurance claims into preventive healthcare, primary care services, mental wellness support, and telehealth. This broader approach reflects a shift in employer expectations, as companies increasingly seek comprehensive health solutions rather than just insurance coverage for their workforce.
With fresh funding and a profitability milestone under its belt, Plum is positioning itself at the intersection of insurance, healthcare, and technology—an area expected to see continued growth as organizations prioritise employee wellbeing.
The funding round was led by Peak XV Partners, with participation from Tanglin Venture Partners and GMO VenturePartners.
The fresh capital infusion follows its first full year of EBITDA and cash-flow profitability, an uncommon achievement in the insurtech space, where many startups are still chasing sustainable business models.
