The fund raised to Expand India’s Largest Employee Health Benefits Platform
FinTech BizNews Service
Mumbai, March 26, 2026: Plum, India’s leading employee health benefits platform, today announced that it has raised Rs193 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.
GV Ravishankar, Managing Director, Peak XV
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 Rs10 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."
