Employee health benefits platform Plum Insurance has secured Rs 193 crore ($20.5 million) in its recent Series B funding round led by Peak XV Partners, with Tanglin Venture Partners also increasing its investment and GMO VenturePartners joining as a new investor. This funding injection comes after a successful Series A round in 2021 that raised $15.6 million, highlighting the company’s growth trajectory and market confidence.
Plum plans to utilize this capital to enhance its technological capabilities, particularly focusing on AI-driven claims operations and expanding integrations with HR and payroll systems. Additionally, the company intends to diversify its services into preventive care, primary care, mental wellness, and telehealth, aligning with the evolving needs of modern workplaces.
Founded in 2019, Plum has prioritized streamlining the claims process within the insurance sector, a historically challenging aspect. With a track record of processing over 500,000 claims, the company has significantly improved operational efficiency. For instance, the median cashless hospital discharge time has been reduced from 180 minutes in 2019 to just 47 minutes, showcasing tangible improvements in service delivery.
Moreover, Plum has leveraged technology to drive automation, with 78% of claims now being resolved without human intervention, a substantial increase from 34% in 2022. In cases of disputed claims, Plum actively challenges decisions and has successfully secured favorable outcomes in 88% of cases, reclaiming over Rs 10 crore in the past year alone.
Currently catering to over 6,000 organizations, including prominent names like CRED, Swiggy, and Zomato, Plum’s recent funding round marks a pivotal moment as the company achieves EBITDA and cash flow profitability, underscoring its sustainable growth strategy in the insurance, healthcare, and employee wellness sectors.
Source: Entrackr : Latest Posts