Bangalore-based insurtech platform Plum Insurance witnessed a 75% revenue surge in FY24, rising to Rs 45.30 crore from Rs 25.83 crore in FY23.
Founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum Insurance provides employee group insurance solutions for startups and SMEs. The company also offers health benefits such as mental wellness support, regular health check-ups, nutritional advice, and dental care.
The company has raised a total of Rs 150.62 crore in funding over three rounds, with the latest being a Series A round in May 2021. Competing with Acko and Turtlemint, Plum Insurance is valued at over Rs 600 crore.
Co-founders Abhishek Poddar and Saurabh Arora each hold equal and majority stake in the company at over 20%, alongside investors Tiger Global and Surge Ventures. Around 10% of shares are allocated to ESOP.
While revenue increased, the company’s expenses fell to Rs 70.83 crore in FY24 from over Rs 80 crore in FY23. Employee benefits accounted for the largest share of these expenses at over 50%, followed by significant advertising costs and legal and professional fees.
Plum Insurance managed to shrink its losses to Rs 25.52 crore in FY24 from losses of over Rs 55 crore in FY23.
The company’s current EBITDA margin and ROCE through improved remained negative at -53.65% and -39.24% respectively.