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PLUM; THE INSURANCE START UP READY TO GET FUNDED

The insurance start up; Plum has been in news recently as it is planning to get funding from Tiger Global. Funding are definitely crucial to ensure success in the competitive world. They open up new doors of opportunity in order to excel & stir up a new passion in the organization.

Let’s take a look at the details.

 

MORE ABOUT PLUM

The company was launched in the year 2019 by Abhishek Poddar & Saurabh Arora. Plum is the organization that has transformed the employee’s healthcare experience lately in the business by giving efficient integrated solutions in the area of employee insurance. They provided a comprehensive health group insurance with digital methodologies. A number of companies that are associated with the company are:

  • Swiflearn
  • Rheo
  • Livongo
  • Fampay
  • Twilio
  • Clever Tap
  • Small Case

The company claims to provide the best health experience at good affordable prices having the basic features like:

  • Covid 19 treatment inclusive
  • Flexible time span with no waiting periods
  • Complete coverage of new born & maternity benefits
  • Pre-existing diseases are also covered

It basically plans to provide hassle free benefits to the recepients like 5 minute complete process, tracking order facility and a lot more.

The headquarter is based at Bangalore and has by far conducted 2 rounds of funding:

 

November 2020 Rs. 300 million
July 2020 $ 1 million

 

The recent group of investors include Surge, Tanglin Venture Partners, AngelList India, Gemba Capital, Tracxn labs and Incubate Fund.

 

DETAILS ABOUT RAISE

There are expected talks that the company is in mood to raise funds from Tiger Global. It would be third funding that the company would be looking forward to. The amount can be close to $10-15 million but it can be extended to $ 20 million also.

The company is planning to raise its customer count to 50000 in the next two years. The current valuation is placed at $ 19 million. The major competitors are Secure Now, Onsurity, Paz Care & Nova Insurance.

 

BRIEF ABOUT TIGER GLOBAL

Tiger Global is not a new name in the investment business as it majorly invests amounts in the sectors like Internet, software, consumer & financial technology. The private equity business has invested in more than 30 countries. It is based in New York and comes in the category of hedge fund, private equity and venture capital.

It clearly manages assets of US $ 500 million. They basically work on two strategies of investment; public equity & private equity.

 

The overall market size of insurance business in India is about US$ 280 billion. But gone are the days of traditional insurance companies. There is now an end to the unending transaction operational mechanisms.

Currently; The scope of insure-tech start ups is getting more & more day by day. Currently there are more than 100 start-ups working in that direction. So; it is here to stay.

A lot of firms in India are still struggling to maintain the technology infrastructure that helps people to get associated with high manual processing.

This disruption is likely to come & has affected positively in the near future. The penetration of digitalization cannot be ignored and therefore how come the insurance sector remains untouched.

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