Plum Raises ₹193 Crore Led by Peak XV Partners to Expand India’s Largest Employee Health Benefits Platform
Plum secures ₹193 Cr Series B led by Peak XV to scale India’s top employee health benefits platform. With 500K+ claims processed, faster reimbursements, and 6,000+ client organisations, Plum is now EBITDA positive and expanding into holistic healthcare services.
- Plum has processed over 500K claims, reduced hospital discharge time to 47 minutes, improved claim reimbursement time to 1.5 days, while serving over 6,000 enterprises
- The company is now EBITDA and cash flow positive
Plum, India’s leading employee health benefits platform, has raised ₹193 Crore in Series B funding in a round led by Peak XV Partners, with participation from existing investor Tanglin Venture Partners, which increased its stake, and new investor GMO VenturePartners, a Japan-based global fintech investor.
The fundraise comes after Plum’s first full year of EBITDA and cash flow profitability, marking an important milestone as the company scales its platform across insurance, healthcare, and employee wellbeing.
Plum has built its business around a simple belief: in insurance, one of the moments that matters most to users is when a claim is filed. While claims are often the most frustrating part of the experience, Plum has focused on making them faster, simpler, and more reliable for employees and their families.
That focus has translated into strong operating outcomes at scale. Since launch, Plum has processed more than 500,000 claims and materially improved the claims experience across key metrics:
- Median cashless hospital discharge time has reduced to 47 minutes, from 180 minutes in 2019, compared with an industry benchmark of 90 minutes ● Median reimbursement turnaround time has improved to 1.5 days, from 25 days in 2019, compared with an industry benchmark of 12 days
- 78% of claims are resolved without human intervention, up from 34% in 2022, versus an industry norm of under 20%
- When insurers deny claims, Plum actively contests them, with 88% of disputed claims resulting in a favourable payout for the user, recovering over ₹10 crore in previously denied claims in the last year alone
Plum’s claims NPS is 79, significantly outperforming industry norms, and has remained consistent even as the company scaled 60x in claims volume.
Together, these improvements reflect a fundamentally different approach to building insurance infrastructure, delivering a significantly better claims experience than traditional insurers at scale.
Plum is also expanding beyond claims into preventive care, primary care, mental wellness, and telehealth, helping employers offer a more holistic healthcare experience to their teams.
Today, Plum serves more than 6,000 organisations across India, including CRED, Meesho, PhonePe, Swiggy, Tata CLiQ, Urban Company, WeWork, and Zomato, reflecting its growing reach across both fast-growing startups and larger enterprises.
“We made a decision on day one that our north star would be the claims experience, and that everything else would follow from getting that right,” said Abhishek Poddar, Co-founder and CEO, Plum. “Six years in, that belief has shaped the product, the business, and the outcomes we have delivered for customers. This round gives us the capital to move faster on what we know works, while expanding the platform across healthcare and employee benefits.”
GV Ravishankar, Managing Director, Peak XV, said, “Plum has reimagined employee health insurance by focusing on one of the moments that matters most to users: the claim. The team has built a fundamentally better product and customer experience, from onboarding and coverage design to claims resolution and preventive care. Today, Plum serves organisations ranging from fast-growing startups to large enterprises, and we believe its product depth and operational discipline position it to define the future of employee benefits in India.”
Plum will use the new capital to invest in talent, technology, enterprise-grade security, AI-driven claims operations, and deeper integrations with HR and payroll systems, while continuing to improve the employee healthcare experience end to end.
Muskaan Kapoor