Group health insurance startup ‘Plum’ has raised Rs 7 crore in a seed funding round led by Incubate Fund.
The funding round also saw participation from Gemba Capital and Tracxn Labs along with angel investors, including Abhijit Gupta and Ram Sahasranam of Praxify Health, Alvin Tse of Xiaomi, Sudheendra Chilappagari of Belong.co, and Nitin Jayakrishnan of Pando.
As per the company, it plans to use the funding amount to scale business and engineering teams to solve some of the toughest engineering challenges in insurtech and build innovative distribution channels.
Founded by Abhishek Poddar and Saurabh Arora in 2019, Plum is a Bengaluru-based group health insurance startup that works with corporates.
Talking about Plum, Saurabh Arora, Co-founder and CTO of Plum, said,
“At Plum, we are imagining group health insurance products from the ground-up. We have built underwriting and fraud detection rails with insurance companies that never ever existed. This has enabled us to offer pricing that may be up to 80% cheaper than existing market pricing to companies as small as seven employees. At Plum, we are building a truly online insurance platform that covers front end (distribution) and back end (pricing, carrier, and compliances).”