BENGALURU, March 26 (Reuters) – 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.
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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.
Indian insurtech startup Plum nets $20 million in Peak XV-led Series B round
