Plum Insurance doubles valuation to $125 million. The Bengaluru-based employee health insurance provider has raised $20 million in fresh funding from Peak XV Partners, Tanglin Venture Partners, and Japan-based GMO Venture Partners. The valuation nearly doubled from $66 million in 2021, reflecting strong market demand for employee benefits solutions. About 30% of the round involved secondary transactions, providing partial liquidity to early investor Incubate Fund Asia. Plum serves over 6,000 organizations including Swiggy, Zomato, and CRED, with expected annual revenue of $14.4 million this fiscal year. The company has achieved profitability and is deploying capital toward distribution, technology, and healthcare expansion. Management highlighted a key market trend: companies are moderating hiring due to automation but increasing per-employee spending on benefits and wellness programs.
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