Indian corporate insurance startup Plum said on Thursday it has raised 1.93 billion rupees ($20.6 million) as part of its Series B funding round led by Peak XV Partners, valuing the company at 11.81 billion rupees, according to CEO Abhishek Poddar.
GMO Venture Partners and existing investor Tanglin Venture Partners also participated in the round.
The Bengaluru-based company plans to use the fresh capital to scale marketing and sales efforts to expand its presence in India’s corporate insurance market, deepen technology investments – particularly in AI-driven claims operations – and expand into preventive and primary healthcare, Poddar said.
Until last year, Plum generated its revenue purely from insurance broking. Its newer healthcare vertical, however, is soon expected to account for a larger share of its revenue mix.
“If I look at the revenue distribution, 80% insurance and 20% healthcare. Very quickly, healthcare has become significant for us, and it’s growing in triple digits,” Poddar said.
“Our prediction is that healthcare within our corporate business would be roughly 40% to 45% within the next couple of years.”
The company is already seeing substantial efficiency gains from AI, especially in claims processing, which forms the bulk of its operations, Poddar added.
“In the last four years, our claims volume has grown by around 50 times. We have been able to scale by 50 times with a team that would have grown by two times. That’s the kind of scale advantage and efficiency advantage that you can generate using AI,” he said.
Plum, backed by Tiger Global, counts Meesho, PhonePe, Swiggy, Urban Company and Zomato among its clients.
($1 = 93.8860 Indian rupees)
Reuters
