Plum, a Bangalore based group health insurance startup that works with corporates, has now secured INR 7 crore in a seed funding round.
The round was backed by the Incubate Fund with participation from the Gemba Capital and Tracxn Labs along with the angel investors which includes the Abhijit Gupta and Ram Sahasranam of Praxify Health, Sudheendra Chilappagari of Belong.co, Nitin Jayakrishnan of Pando, and Alvin Tse of Xiaomi.
Abhishek Poddar, Co-founder, and CEO, Plum, said,
“We want to be the de-facto platform for employee health insurance, initially in India, and later in other developing markets like Southeast Asia and Latam.”
Nao Murakami, Founder and General Partner at Incubate Fund India, said,
“Group health insurance is a very complicated product in nature and the entire customer process, from buying to claiming, is still very manual in India. So, there is a huge gap between insurance companies, employers, and employees. Plum is filling this gap by bringing transparency and efficiency through beautiful technology and product.”