Bengaluru based Plum Insurance, A Health Insurance start up is in the news by raising a little over Rs. 30 Crore from Sequoia’s SURGE Ventures. Earlier this year in July, Plum had raised Rs. 7 Crore in Seed Capital.
According to the sources, the Valuation of Plum has neared Rs. 140 Crore in this transaction.
Plum Insurance was launched in late 2019 by Abhishek Poddar and Saurabh Arora, the start up helps corporate employees with improved health benefits including doctor consultations, health check-ups, fitness and yoga, mental wellness, nutrition, and dental care. It’s client base includes Twilio, StayAbod, Instawork, Posist, TapChief, Fyle and others.
Following the investment, co-founders Poddar and Arora have diluted their stakes from 85.11% to 66.14%. Both hold 33.07% stake in the firm. Surge will emerge as the largest stakeholder among investors in the firm with 10.82% holding followed by IF India and Tanglin being other investors which now control 10.36% and 8.7% stake respectively.
Apart from SURGE Ventures, IF India Partnership, Tanglin Ventures, Angel List along with some angel investors took part in the current funding round, shows regulatory filings.
Whereas, Surge and Tanglin will pump in Rs 16.65 crore and Rs 11.8 crore respectively while the rest fund will come from the other investors mentioned above.