Health insurance platform Plum, backed by Tiger Global, has raised US$20 million (₹193 crore) in funding, led by Peak XV Partners.
The round also included existing investor Tanglin Venture Partners and new investor GMO Venture Partners.
Plum will use the funds to hire more people, improve its technology, and build AI solutions. The company also plans to expand its services from insurance claims to preventive care, primary care, mental wellness, and telehealth.
“We are going to double down on the (insurance) claim experience. We want to cut down the reimbursement process from days to hours and even minutes,” founder and CEO Abhishek Poddar said, adding that the platform will be expanding its go-to market and distribution channels. Plum has processed over 500,000 claims on its platform since inception in 2019.
“Plum has reimagined employee health insurance by focussing on one of the things that matters most to users: the claim,” said GV Ravishankar, managing director, Peak XV.
Founded in 2019 in Bengaluru, Plum focuses on making the insurance claims process faster and easier, solving a major problem in the industry.
The company has processed over 500,000 claims so far. It has reduced the average hospital discharge time from 180 minutes in 2019 to 47 minutes, and improved reimbursement time from 25 days to just 1.5 days.
Now, 78% of claims are handled automatically, compared to 34% in 2022. If a claim is rejected, Plum challenges it and wins 88% of such cases, recovering over ₹10 crore in the past year.
Read More- Rocketlane raises $60 million Series C round led by Insight Partners
