The round values Plum at ₹1,181 crore, according to CEO Abhishek Poddar.
The new funding comes at a time when the insurtech firm has turned EBITDA and cash flow positive for a full year, marking a shift towards sustainable growth in the sector.
Plum plans to deploy the capital to scale its go-to-market efforts, invest further in technology, and expand beyond insurance into preventive and primary healthcare.
A major portion of the investment will go towards strengthening AI-led claims processing, which has emerged as a core lever for efficiency.
The company, which started as an insurance broking platform, is now seeing rapid traction in its healthcare vertical. While insurance still contributes around 80% of revenue, healthcare accounts for the remaining 20% and is growing at a triple-digit pace.
Poddar expects this mix to shift meaningfully, with healthcare contributing 40-45% of the business over the next few years.
Plum says its use of artificial intelligence has helped it scale operations significantly without a proportional increase in headcount.
Over the past four years, claims volumes have surged nearly 50 times, while team size has only doubled. Today, about 78% of claims are processed without human intervention, up from 34% in 2022.
Founded in 2019 by Poddar and Saurabh Arora, Plum offers employee health benefits, including insurance and healthcare services, to companies. It currently serves over 6,000 organisations, covering more than 600,000 employees, with clients including CRED, Meesho, PhonePe, Swiggy, Zomato and WeWork.
The startup, which reported nearly ₹70 crore in revenue in FY25 along with six months of EBITDA profitability, competes with players such as Acko and Policybazaar in India’s growing corporate insurance and claims management space.
