In India, the world’s second most populous country, the great majority of people lack health insurance. The majority of those who do have health insurance acquire it via their work.
Plum, a small business that makes providing insurance coverage to employees easier and more inexpensive for more companies throughout the country, said on Monday that it has secured $15.6 million in Series A investment to accelerate its expansion. The fundraising round was spearheaded by Tiger Global.
Existing investors Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital joined the fresh round, bringing the total amount raised by the one-and-a-half-year-old business to $20.6 million. Plum was in discussion with Tiger Global for the next fundraising round, according to TechCrunch earlier this year.
The new round included participation from Kunal Shah (founder of Cred), Gaurav Munjal, Roman Saini, and Hemesh Singh (founders of Unacademy), Lalit Keshre, Harsh Jain, and Ishan Bansal (founders of Groww), Ramakant Sharma and Anuj Srivastava (founders of Livspace), and Douglas Feirstein (founder of Hired).
Plum’s insurance stack was built from the ground up, and the company teamed with insurers to provide coverage for pre-existing illnesses and dentistry, according to Abhishek Poddar, co-founder and CEO of Plum, in an interview with TechCrunch.
(In the same way that fintech businesses work with banks and NBFCs to give credit to clients, online insurance companies work with insurers to give health insurance coverage.) ICICI Lombard, Care Health, Star Health, and New India Assurance are among Plum’s partners.)
Plum is ideally positioned to make comprehensive health insurance available to millions of Indians as the healthcare insurance market in India rapidly develops and develops. In a statement, Scott Shleifer, Collaborate at Tiger Global, stated, “We are delighted to partner with Abhishek, Saurabh, and the Plum team as they grow their top tech-enabled platform to employers throughout the country.”
Tiger Global’s latest venture in India this year is Plum. The hedge fund, which has backed more than 20 Indian unicorns, has emerged as the most active investor in Indian firms in recent months, attracting founders with its quick funding, large check size, and favourable conditio