Bengaluru based group health insurance startup Plum has raised slightly over Rs 30 crore (approximately $4.04 million) in funding, according to a report.
The company has raised funds from Sequoia’s Surge, the accelerator and early-stage investment programme of marquee venture capital firm Sequoia, Entrackr reported.
Other participants include IF India Partnership, Tanglin Ventures, AngelList and some angel investors, the report said, citing regulatory filings.
While Surge is investing Rs 16.65 crore, Tanglin is committing Rs 11.8 crore. This values the startup at nearly Rs 140 crore, per the report.
Earlier in July, Plum had raised Rs 7 crore in seed funding from Incubate Fund, with participation from Gemba Capital and Tracxn Labs and angel investors.
Plum was founded in late 2019 by Abhishek Poddar and Saurabh Arora who comes with rich experience in financial technologies and insurance distribution.
Abhishek, a Stanford University alumnus has worked with Google and McKinsey and built technology companies. Saurabh led product & engineering teams at Freshworks (he had previously built Airwoot, an AI-based CRM company which got acquired by Freshworks). Abhishek and Saurabh were joined by Debankur Biswas, an FMS alumnus with 17 years of experience in building insurance distribution and has led operations for Insurtech player BIMA in Sri Lanka & Bangladesh.
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