Plum Raises ₹1.93 Billion in Series B Led by Peak XV Partners
Indian corporate insurance startup Plum has raised ₹1.93 billion ($20.6 million) in a Series B funding round led by Peak XV Partners, valuing the Bengaluru-based company at ₹11.81 billion. The round also saw participation from GMO Venture Partners and existing investor Tanglin Venture Partners, according to CEO Abhishek Poddar. The fresh capital marks a significant step in Plum’s growth trajectory within India’s corporate insurance space.
The company plans to deploy the funds to strengthen its marketing and sales efforts, expand its footprint across the corporate insurance market, and invest further in technology—particularly AI-driven claims operations. Plum is also focusing on expanding into preventive and primary healthcare, signaling a strategic shift beyond its traditional insurance broking business.
Plum’s healthcare vertical, which previously contributed a smaller share of revenue, is witnessing rapid growth and is expected to account for 40–45% of its corporate business in the coming years. Currently, the revenue mix stands at 80% insurance and 20% healthcare. The company has also leveraged AI to significantly improve efficiency, scaling claims volume by nearly 50 times over four years while only doubling its team size.
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