Plum gets ₹193 crore from Peak XV

The fundraising marks a significant milestone following Plum’s first full year of earnings before interest, taxes, depreciation and amortization (Ebitda) and cash flow profitability, as the company expands its platform across insurance, healthcare and employee wellness sectors.

Plume will use the new capital to invest in talent, technology, enterprise-grade security, AI-powered claims operations, and deeper integration with human resources and payroll systems, while continuing to improve the employee healthcare experience from end to end.

Abhishek Poddar said, “We decided on day one that our North Star would be the Claims experience, and the rest would happen after everything else fell into place.” “In six years, that belief has shaped the product, the business and the results we deliver for customers. This round gives us the capital to move faster on things we know work, while expanding the platform for healthcare and employee benefits.”

While claims are often the most frustrating part of the process, the company has focused on making them faster, simpler and more reliable for employees and their families.

That focus has delivered massive results. Since launch, Plum has processed over 500,000 claims while improving key metrics. The average cashless hospital discharge time has decreased from 180 minutes to 47 minutes in 2019, beating the industry benchmark of 90 minutes. Reimbursement turnaround time has increased from 25 days to 1.5 days, compared to 12 days industrywide.

Automation has also increased, with 78 percent of claims resolved without human intervention, up from 34 percent in 2022 and well above the industry norm of less than 20 percent. The company also challenges rejected claims, of which 88 per cent of disputes resulted in payment and recovery of more than ₹10 crore in the last year.

“Plume has reimagined employee health insurance by focusing on one of the moments that matters most to users: claims,” said GV Ravishankar, Managing Director, Peak XV. “The team has built a fundamentally superior product and customer experience, from onboarding and coverage design to claims resolution. We believe its product depth and operational discipline position it to define the future of employee benefits in India.”

Plum is also expanding beyond claims into preventive care, primary care, mental wellness, and telehealth, helping employers provide their teams with a more holistic healthcare experience.

Today, Plum serves over 6,000 organizations across India, including CRED, Meesho, PhonePe, Swiggy, Tata CLiQ, Urban Company, WeWork and Zomato, reflecting its growing reach across both fast-growing startups and large enterprises.