Insurtech startup Plum has raised Rs 193 crore ($20.6 million) in a Collection B funding spherical led by Peak XV Companions, because it appears to be like to develop its healthcare and worker advantages platform.

Current investor Tanglin Enterprise Companions and new backer GMO Enterprise Companions additionally participated within the spherical.

The Bengaluru-based startup stated the funds can be used to rent expertise, strengthen its expertise infrastructure and construct enterprise-grade safety programs. It additionally plans to scale its AI-driven claims operations and deepen integrations with HR and payroll platforms.

Plum is looking for to broaden its providing past insurance coverage claims, increasing into preventive and first care, psychological well being companies and telehealth.

“This spherical offers us the capital to maneuver quicker on what we all know works, whereas increasing the platform throughout healthcare and worker advantages,” co-founder and CEO Abhishek Poddar stated.

Based in 2019 by Poddar and Saurabh Arora, the startup offers insurance coverage and healthcare advantages to companies, significantly startups and small and medium-sised enterprises.

It claims to serve greater than 6,000 organisations, together with companies reminiscent of Zomato, Swiggy, Atlassian and CRED, overlaying over 600,000 workers.

The fundraise follows what the startup describes as its first full 12 months of EBITDA and money circulate profitability, marking a shift in the direction of extra sustainable development in India’s insurtech sector.

Plum stated it has processed greater than 500,000 claims since launch, lowering median hospital discharge occasions to 47 minutes and reimbursement turnaround occasions to round 1.5 days.

GV Ravishankar, Managing Director, Peak XV, stated: “Plum has reimagined worker medical insurance by specializing in one of many moments that issues most to customers: the declare. The staff has constructed a essentially higher product and buyer expertise, from onboarding and protection design to claims decision and preventive care. Right now, Plum serves organisations starting from fast-growing startups to giant enterprises, and we imagine its product depth and operational self-discipline place it to outline the way forward for worker advantages in India.”