Bengaluru-based group health insurance startup Plum plans to use the fresh funding to scale business and engineering teams as it attempts to solve top insurtech challenges and build innovative distribution channels.
Plum, a Bengaluru-based group health insurance startup that works with corporates, has raised Rs 7 crore in seed funding.
The round was led by Incubate Fund with participation from Gemba Capital and Tracxn Labs along with angel investors, including Abhijit Gupta and Ram Sahasranam of Praxify Health, Sudheendra Chilappagari of Belong.co, Nitin Jayakrishnan of Pando, and Alvin Tse of Xiaomi.
The company said it planned to use the funding to scale business and engineering teams so as to solve some of the toughest engineering challenges in insurtech and build innovative distribution channels. Working with nine insurance companies, Plum claimed to have over 100 companies as customers within just four months of launch.
The startup, through its online platform, is on a mission to enable employee health insurance for over 1.1 million companies in India by reinventing how health insurance works. It understands the needs of a corporate and guides them on setting up their group health insurance in less than 60 minutes.