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Plum Insurance funding

plum insurance funding

Enterprise-focused group insurance platform Plum Insurance has raised $15.7 million in a new round led by Tiger Global. The company has raised more than $20 million so far.

The 15-month-old startup has approved the allotment of 37,970 Series A preference shares at an issue price of Rs 29,976.83 per share to raise Rs 113.82 crore or $15.7 million, regulatory filings reveal. 

New York-based hedge fund Tiger Global has led the Series A round with $10 million followed by Tanglin Ventures, Surge Venture and IF India who have invested $2 million, $1.6 million, and $1.5 million each. 

Plum was a part of the fourth batch of Sequoia’s accelerator program Surge.

AngelList, Meyer Keith Ventures, and angels including Kunal Shah, Maninder Gulati, Ashish Tulsian, Gaurav Munjal, Roman Saini, Hemesh Singh among others have invested the remaining amount.

The company has reached a post-money valuation of Rs 630 crore or $87 million. This is a 4.5X jump in Plum’s valuation in just six months. 

Founded in early 2020 by Abhishek Poddar and Saurabh Arora, Plum offers group insurance facilities to startups and SMEs. The company also provides health benefits including doctor consultations, health check-ups, fitness and yoga, mental wellness, nutrition, and dental care. 

Plum has been working with several early to growth-stage startups like Fampay, Groww, ClassPlus, Smallcase, Twilio, StayAbode, Instawork, Posist, TapChief and Fyle. 

Recently, Unacademy founder Munjal had announced that the edtech company has approved term life insurance for around 4,000 educators on its platform.

Plum directly competes with companies like Secure Now, Onsurity, PazCare, and Nova Insurance that also focuses on group insurance in SMEs and startups. The company strives to onboard around 3,000 clients by the end of this year, 50,000 in the next two years, and 10 million by 2025.

Plum Insurance is an interesting platform offering insurance services to startups and SMEs. Many startups can benefit from their services and I believe the company has huge growth prospects. My best wishes to the team of Plum Insurance.

Shishir Gupta, Founder and CEO, StartupLanes

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