Indian insurtech Plum raises $15.6m in funding round

The funds will be used to scale engineering, business and operation teams.

Indian group health insurance startup Plum has raised $15.6m in a Series A funding round, according to media reports.

The fundraising was led by Tiger Global, with participation from Sequioa Capital India’s Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital. 

The startup will use the funds to further scale engineering, business development and operation teams. Plum is building new insurance products for SMEs with teams as small as seven people and those who cannot afford annual premiums, reports said.

It is also considering API partnerships with ICICI Lombard, Care Health, Star Health, and New India Assurance.