Plum raises $20.6 million in Peak XV-led Series B round
Bengaluru-based Plum raised $20.6 million to expand its corporate insurance and healthcare services. The capital will also fund AI-driven claims operations.
The Bengaluru-based insurtech startup Plum has successfully secured 1.93 billion rupees ($20.6 million) in a Series B funding round led by Peak XV Partners. This latest investment brings the company's valuation to approximately 11.81 billion rupees, as confirmed by CEO Abhishek Poddar. The funding round also saw participation from GMO Venture Partners and existing investor Tanglin Venture Partners, marking a significant milestone for the corporate insurance provider in India.
Plum intends to utilize the fresh capital to accelerate its marketing and sales initiatives while deepening its technological infrastructure. A primary focus for the firm is the integration of artificial intelligence into its claims-processing operations. Furthermore, the company is looking to broaden its service offerings by expanding into the preventive and primary healthcare sectors. While the startup historically generated the entirety of its revenue from insurance brokerage, its newer healthcare vertical is experiencing rapid growth.
