IndiaTechDesk - India's Leading Tech and Startup Media Publication
  • Home
  • TOPICS
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Business
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Ecosystem & Lists
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • Investments
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • enterprise
    • SaaS
  • Venture capital
  • Events
  • Lists
No Result
View All Result
  • Home
  • TOPICS
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Business
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Ecosystem & Lists
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • Investments
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • enterprise
    • SaaS
  • Venture capital
  • Events
  • Lists
No Result
View All Result
IndiaTechDesk - India's Leading Tech and Startup Media Publication
No Result
View All Result
Home FinTech

With INR 7 Crore in seed funding, Indian insurtech startup Plum is targeting employee group health insurance

IndiaTechDesk Editor by IndiaTechDesk Editor
July 22, 2020
in FinTech
57 1
0
Plum insurance

Image source: Plum

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Plum, a Bengaluru based group health insurance startup has raised INR 7 Crores in seed funding. The round was led by Incubate Fund with participation from Gemba Capital and Tracxn Labs along with angel investors including Abhijit Gupta and Ram Sahasranam of Praxify Health, Sudheendra Chilappagari of Belong.co, Nitin Jayakrishnan of Pando and Alvin Tse of Xiaomi.

Plum is on a mission to enable employee health insurance for over 1.1 million companies in India by reinventing how health insurance works. The company plans to use the funding to scale business & engineering teams. Within just 4 months of launch, Plum has managed to get over 100 companies as customers. These companies include startups like Fampay, StayAbode, Posist, Jiny, RevvSales, Swiflearn, The Label Life, and GrowFit, MNCs like Twilio, Instawork and Livongo, and traditional companies like Lambda Group, Sunidhi Group, Rosmerta Group. The startup is aiming to get to 10,000 companies in the next two years.

Plum, through its online platform, provides employers & employees with customizable plans and transparent pricing. The platform understands the needs of a corporate and guides them on setting up their group health insurance in less than 60 mins. Plum additionally helps employees with improved health benefits including doctor consultations, health check-ups, fitness & yoga, mental wellness, nutrition and dental care. The platform enables ease of experience for employees with guided claims support. Plum has an insurance intermediary license from IRDA. Taking the current situation into account, Plum also offers COVID-19 cover as an offering to its customers, however big or small they are.

India is a country with one of the lowest health insurance penetration, with only 18% of people in urban areas and 14% in rural areas covered under any kind of health insurance scheme.

“With Plum, we started questioning every aspect of the group health insurance market. Why can’t we give group health insurance to companies as small as 7 employees?” says Abhishek Poddar, co-founder and CEO, Plum. “We are on a mission to fix health insurance and health benefits. We are building a modern health benefits company that understands the needs of a corporate and guides them to smart choices. We are improving health benefits by providing employers & employees with more flexibility, transparent pricing, and higher quality healthcare experience.”

The group health insurance market in India, which is almost 50% of the total health insurance market, is expected to grow to INR 100,000 crores by 2025. It has seen an annual growth of about 25% in the last few years and is doubling every three years, the startup shared in a note.

You might be interested in:

Fintech startup goDutch raises $1.7M from Matrix Partners, Tinder and Twitch co-founders among others

AI in Fintech: 5 Startups in India Making The Most of it

IndiaTechDesk Editor

IndiaTechDesk Editor

IndiaTechDesk is part of beSUCCESS Media group, focusing on Indian startup and tech news, trends and analysis. Write to us at press@indiatechdesk.com.

Related Posts

Bright Money, Transformative FinTech Solutions with $62M Funding
FinTech

Empowering Financial Transformation, Bright Money Gets $62 Million Funding Boost

September 30, 2023
Perfios Secures $229 Million.
FinTech

Perfios Secures $229 Million in Series D Funding Led by Kedaara Capital

September 11, 2023
CredRight
FinTech

CredRight Raises $9.7 Million to Revolutionize MSME Financing Globally

August 31, 2023
Credgenics secures funding for global expansion and financial empowerment through advanced debt recovery solutions.
FinTech

Debt Recovery Platform Credgenics Raises $50M in Series B Funding Round, Valued at $350M

August 9, 2023
Travel Fintech Startup Scapia Raises $9 Million in Seed Funding Led by Matrix Partners India
FinTech

Travel Fintech Startup Scapia Raises $9 Million in Seed Funding Led by Matrix Partners India

June 29, 2023
Rural Fintech Startup Navadhan Bags $1.5 Million in Seed Funding Round
FinTech

Rural Fintech Startup Navadhan Bags $1.5 Million in Seed Funding Round

June 22, 2023
No Result
View All Result

Trending Posts

  • Atlys Secures $12 Million in Series A Funding to Transform Visa Application Process
    Atlys Secures $12 Million in Series A Funding to Transform Visa Application Process
    by MinSeptember 21, 2023
  • 5 Steps to Secure Capital From VC Firms in India
    5 Steps to Secure Capital From VC Firms in India
    by IndiaTechDesk EditorJanuary 28, 2020
  • 5 Most Recent Startup Failures in India
    5 Most Recent Startup Failures in India
    by IndiaTechDesk EditorJanuary 24, 2020
  • 6 Active Angel Investors in India For 2020
    6 Active Angel Investors in India For 2020
    by IndiaTechDesk EditorJanuary 22, 2020
  • Top 5 Low-cost High-profit Business Ideas in India for 2020
    Top 5 Low-cost High-profit Business Ideas in India for 2020
    by IndiaTechDesk EditorJanuary 21, 2020
  • 6 Startup Laws in India You Should Consider To Get Started
    6 Startup Laws in India You Should Consider To Get Started
    by IndiaTechDesk EditorJanuary 20, 2020
  • Top 5 Startup Programs by the Indian Government
    Top 5 Startup Programs by the Indian Government
    by IndiaTechDesk EditorJanuary 17, 2020
  • Top 5 Startup Predictions for India in 2020
    Top 5 Startup Predictions for India in 2020
    by IndiaTechDesk EditorJanuary 15, 2020
  • 5 Biggest Indian Startup Acquisitions of 2019
    5 Biggest Indian Startup Acquisitions of 2019
    by IndiaTechDesk EditorJanuary 14, 2020
  • 5 Best-Kept Secrets of Amazon’s Incredible Success in India
    5 Best-Kept Secrets of Amazon’s Incredible Success in India
    by IndiaTechDesk EditorJanuary 12, 2020




Products

Apple 20W USB-C Power Adapter

Apple MagSafe Battery Pack

Apple AirPods Pro (2nd Generation) Wireless Earbuds

Apple Lightning to USB Cable

ABOUT US

IndiaTechDesk is obsessed with the Indian startup ecosystem, offering intelligent, engaging coverage of the innovations, emerging startups, and entrepreneurship in India.....read more

Follow Us

FREE NEWSLETTER

 

Categories
  • Accelerator
  • Agriculture
  • AI & Big Data
  • AR & VR
  • Bitcoin
  • Blockchain
  • Business
  • Clean Technology
  • Competitions
  • Content & Games
  • Coronavirus
  • Cryptocurrency
  • Cybersecurity
  • E-commerce
  • Ecosystem & Lists
  • Education
  • enterprise
  • Enterprise & SaaS
  • entertainment
  • Events
  • featured
  • FinTech
  • Gadgets & Electronics
  • Gaming
  • Guide
  • Health & Bio
  • Incubator
  • Indian Startups
  • Indian Women
  • Insurance
  • Interviews
  • Investments
  • IoT
  • Manufacturing
  • Market
  • Marketplaces & E-commerce
  • Regulation
  • Robotics
  • SaaS
  • Space Startup
  • Transportation & Logistics
  • Travel
  • Uncategorized
  • Venture capital
  • “Contact: press@indiatechdesk.com”
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
  • About Us

Copyright © 2023 indiatechdesk.com

No Result
View All Result
  • Home
  • TOPICS
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Business
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Ecosystem & Lists
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • Investments
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • enterprise
    • SaaS
  • Venture capital
  • Events
  • Lists

Copyright © 2023 indiatechdesk.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In