Plum Benefits Pvt. Ltd, which operates an eponymous insurance startup that helps companies set up group programmes, has raised slightly over Rs 30 crore (approximately $4.04 million) in funding.
The Bengaluru-based company has raised this capital in an exercise led by Surge, the accelerator and early-stage investment programme of marquee venture capital firm Sequoia.
Plum was set up last year by Abhishek Poddar and Saurabh Arora. Poddar, an alumnus of Stanford University, has worked with companies including Google and McKinsey. Arora has worked with Freshworks and has also set up customer relationship management company Airwoot, which was acquired by California-based Freshworks.
According to its website, the company helps set up group insurance and employee health benefits programmes. It says its platform removes the need for negotiations with brokers and agents, along with receiving transparent pricing and customising insurance benefits according to clients’ needs.