Employee insurance startup Plum raised $4.1 Mn in funding, led by Sequoia Capital India's Surge and Tanglin Venture Partners. Existing investors, including Incubate Fund, also participated in the funding round.
The funding will be deployed to expand into new markets, build new distribution channels, hire top talent and further develop products and tech. Plum aims to make group health insurance affordable and accessible for businesses of all sizes.
India has one of the lowest penetration rates for health insurance in the world, with 18 percent of urban employees and 14 percent of rural areas receiving coverage of some kind. Over 50 million Indians fall into poverty every year due to their inability to finance health issues, the statement said.