Plum, an insurtech company providing employee health and wellness solutions, is expanding its offerings to cover business insurance, with the launch of Plum Business.
This is the third line of business that Plum has launched after Employee Insurance and Employee Health Benefits. Plum will now offer curated and customisable business insurance products, to empower businesses to thrive in an increasingly complex and challenging landscape.
Abhishek Poddar, co-founder, and CEO of Plum, said, “With Plum Business, we aim to create a sustainable ecosystem that safeguards both. We have brought the conversation of ‘benefits’ and ‘wellness’ to the spotlight, and we will continue to consult companies on the best and most evolved benefits solutions while driving our existing business forward.”
Plum said it is margin positive with a three times year-on-year growth. According to Poddar, with the new business foray, the company expects to turn profitable by FY 2025.
The decision to venture into the business insurance space comes at a crucial time when start-ups and businesses face multiple challenges around corporate governance. Plum enables businesses to protect their people, profits, and runways, while instilling trust and confidence in stakeholders, the company said.
Plum is currently in the Series-A stage and has raised $20.7 million from investors such as Tiger Global and Sequoia Capital. Based in Bengaluru, Plum has an employee strength of over 300 people.