Group health insurance startup Plum said on Monday it has raised a USD 15.6 million Series A led by Tiger Global with participation from earlier investors Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund and Gemba Capital. Angel investors in this round include Kunal Shah (founder, Cred), Gaurav Munjal, Roman Saini and Hemesh Singh (founders of Unacademy), Lalit Keshre, Harsh Jain and Ishan Bansal (founders of Groww), Ramakant Sharma & Anuj Srivastava (founders of Livspace), and Douglas Feirstein (founder of Hired).
Bengaluru-headquartered Plum raised USD five million in earlier rounds last year. With over 600 organisations on-boarded, Plum said in a statement it has been witnessing a growth rate of 110 per cent quarter-on-quarter. Its client base includes SMEs, corporates and ‘fast- growing’ startups in India, including Groww, Unacademy, Twilio, CleverTap, UrbanLadder, smallcase and Simpl, the statement said. The funds raised will be used to further scale engineering, business development and operations teams.
The company said it is building newer insurance products for SMEs who have teams as small as seven employees and cannot afford to pay annual premiums. Plum is additionally looking at building deeper API integrations with leading insurers like ICICI Lombard, Care Health, Star Health and New India Assurance, it was stated.