Plum Rolls Out Healthcare Arm with Rs 200 Crore Investment
Bengaluru-based insurtech company Plum, recognized for its corporate health insurance products, is making a notable transition beyond its primary broking operations. The company, supported by Tiger Global, achieved Ebitda-positive results in its insurance activities in the latter half of FY25 and is establishing a specialized division, Plum Health, aimed at providing diagnostics, teleconsultations, and AI-driven health monitoring services to professionals throughout India.
It has pledged Rs 200 crore to this new initiative, describing it as a comprehensive, ongoing healthcare platform designed specifically for employees.
“The profit margins in healthcare are somewhat more favorable than those in insurance. Since we’re able to sell to our existing base of 6,000 companies, it’s operationally efficient,” stated Abhishek Poddar, co-founder and CEO of Plum.
He emphasized that the insurance broking segment, which brings in 5-7 percent commissions, remains fundamental to Plum. However, he noted that healthcare represents a long-term investment aimed at creating an alternate revenue stream.
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This is not merely a product launch. We are developing an entirely new business. Healthcare is set to evolve into a secondary business to insurance. We’re treating Plum Health as a startup within a startup.
This move comes as competitor Loop Health refines its preventive care approach, recently naming former Oura Ring CEO Harpreet Singh Rai as President of Healthcare.
The YC-supported startup, which integrates insurance with unlimited primary care, is also transforming into a comprehensive employer-focused healthcare platform.
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Plum's growth occurs against the backdrop of a wider trend in corporate healthcare spending. Poddar remarked that while insurance previously represented almost all corporate health expenditures, employers are now allocating 10-15 percent to services outside insurance, including diagnostics, OPD, mental health, and preventive care.
That percentage was just 1 percent a few years ago. It’s expected to rise to 30-40 percent of health benefits spending within the next 3-5 years.”To meet this growing demand, Plum is introducing Plum Health Checkups, an at-home preventive screening program featuring over 200 biomarkers, such as Apo A1 and Apo B for assessing cardiac risk. The checkups are tailored according to age and risk, facilitated by API-integrated third-party laboratories and tracked through Plum’s platform.