What's the news ?
Plum, a health startup that is helping firms to provide affordable insurance coverage to their employees, has raised $15.6 million in its Series A funding to accelerate its growth. Tiger Global led the funding round.
Existing investors Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund, Gemba Capital, also participated in the new round, which brings the one-a-half-year-old startup’s to-date raise to $20.6 million .Kunal Shah (founder of Cred), Gaurav Munjal, Roman Saini and Hemesh Singh (founders of Unacademy), Lalit Keshre, Harsh Jain and Ishan Bansal (founders of Groww), Ramakant Sharma and Anuj Srivastava (founders of Livspace), and Douglas Feirstein (founder of Hired) also participated in the new round.
About the startup
Plum offers health insurance coverage on a B2B2C model. The startup partners with small businesses to provide health insurance coverage to all their employees (and their family members), charging as little as $1 a month for an employee.
Plum maintains partnerships with ICICI Lombard, Care Health, Star Health and New India Assurance.
The startup plans to deploy the fresh capital to further expand its offerings, making its platform open to smaller businesses with teams as small as seven employees to sign up, said Poddar. The startup plans to cover 10 million people in India with insurance by 2025, and eventually expand to international markets.