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Insurtech startup Plum aims to insure 10 million people by 2025

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Insurtech startup Plum aims to insure 10 million people by 2025
22 Jul 2022
6 min read

News Synopsis

Plum, an insurtech company that offers complete health and wellness benefits to corporations through group health insurance, is aiming for a 600–700% growth target over the next two–and–a–half years with intentions to insure 10 million people by 2025, up from the present figure of 250,000.

Having been founded in late 2019, Plum offers major organisations, early-stage start-ups, small businesses, and medium-sized businesses health and wellness plans, some of which deviate from the standard protections offered by health insurance providers.

Through one of its cutting-edge LGBTQ health covers, it is able to offer these insurance to all clients by default because gender reassignment surgeries are included in the regular group medical coverage. The company offers a WhatsApp claim service as one of its group health insurance options which it claims has made the claims procedure quick and simple. A Telehealth facility is part of the company's employee wellness and benefits programme for you, your family, and even your pets. The improved coverage of maternity benefits and IVF are also highlighted (in vitro fertilisation).

According to Abhishek Poddar, co-founder and CEO of Plum, the group health insurance market in India is now underserved but has the potential to develop rapidly over the next ten years as a result of Covid-19, which is boosting demand and raising awareness for it. He stated this on the sidelines of the FinTech Festival India, which Temasek-backed Constellar was hosting. "This industry is currently at $10 billion, but is predicted to go to $40-45 billion by 2030," he said.

Plum has so far raised $20 million in fundraising over three rounds. Its most recent round of funding was a Series A round, which was headed by Tiger Global and included prior investors Sequoia Capital India's Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital.

Nearly 2,000 businesses, some of which are unicorns like Swiggy, Meesho, Tata Cliq, OYO, Slice, Groww, Upstox, and Unacademy, are listed as clients of the insurtech company. The company's personnel size increased from 100 to 300 over the course of the previous year with the addition of 200 new employees. By the end of March 2023, Plum wants to increase the capacity to 1,000.


Going forward, according to Poddar, the business won't be seeking further funding and will instead concentrate on introducing more insurance products. We are not actively collecting money and will continue to be focused on product development because "almost 75% of those funds are still unutilised," he stated.