Indian insurtech Plum raises $20.6m to expand employee health benefits platform

India-based insurtech company Plum has closed a ₹193 Cr ($20.6 Mn/€19.1 Mn) Series B funding round, marking a significant development for HR and people management professionals overseeing employee benefits strategy. The raise underscores accelerating corporate investment in comprehensive workforce healthcare infrastructure, extending well beyond traditional group insurance.

Inc42 reported that the round was led by existing investor Peak XV Ventures, with participation from Tanglin Venture Partners and GMO Venture Partners.

Plum intends to deploy the capital towards talent acquisition, technology investment, enterprise-grade security, and AI-driven claims operations. The company also plans to deepen integrations with HR and payroll systems, a move that carries direct implications for people teams evaluating vendor consolidation strategies.

Beyond claims management, Plum is planning to expand into preventive care, primary care, mental wellness, and telehealth — broadening the scope of what employers can offer through a single platform. This shift reflects a wider industry movement towards holistic employee wellbeing rather than reactive healthcare coverage.

Cofounder and CEO Abhishek Poddar said: "This round gives us the capital to move faster on what we know works, while expanding the platform across healthcare and employee benefits."

The fundraise follows Plum's first full year of EBITDA and cash flow profitability. Founded in 2019, Plum claims to serve more than 6,000 organisations, including Zomato, Swiggy, Atlassian, and CRED.

In July 2025, the company was reported to be planning to expand its health services with a commitment of ₹200 Cr (€22.2 Mn) over the coming years, with a proposed separate offering, Plum Health, intended to cover diagnostics, teleconsultations, and AI-powered health tracking.

Access the full funding story and company breakdown here.