GMO Venture Partners Joins USD 20m Series B Round for Indian InsurTech Leader Plum
Plum, the Bengaluru-based health insurance and employee benefits platform, has successfully secured $20 million (approximately ₹193 crore) in a Series B funding round. While the round was led by Peak XV Partners, a significant highlight of this latest capital injection is the participation of GMO Venture Partners, who joins the company's cap table as a new strategic investor.
Existing backer Tanglin Venture Partners also participated in the round, which follows Plum’s transition into a period of sustained financial health. The company recently reported EBITDA and cash flow profitability for the full fiscal year 2025, recording revenues in the neighborhood of ₹700 million.
The entry of GMO Venture Partners comes at a defining moment for Plum as it seeks to evolve from a pure-play insurance brokerage into a comprehensive healthcare provider. Currently, insurance accounts for 80% of Plum's revenue, but CEO Abhishek Poddar expects the healthcare services segment—including preventive care, telehealth, and mental wellness—to grow to 40–45% of the business within the next two years.
“We are going to double down on the insurance claim experience,” Poddar told reporters, noting that the fresh capital will be deployed toward talent acquisition and deep-tech AI innovation.
Plum has already seen massive operational gains through its proprietary technology. The company reports that 78% of claims are now processed without human intervention, a sharp increase from 34% in 2022. This automation has allowed the firm to scale its claims volume by 50 times over the last four years while only doubling its headcount. Furthermore, the platform has successfully reduced median reimbursement times from 25 days in 2019 to just 1.5 days today.
Founded in 2019 by Poddar and Saurabh Arora, Plum now serves over 6,000 organizations, including high-profile Indian unicorns such as Swiggy, Zomato, and PhonePe. With the backing of GMO Venture Partners and its existing investors, Plum is well-positioned to further disrupt the traditional insurance landscape by prioritizing automation and integrated corporate wellness.
Norbert Gehrke
