The Bengaluru-based startup has appointed Prayat Shah, the founder of chronic disease management startup Wellthy Therapeutics, to lead the healthcare business.
The company will deploy the Rs 200 crore over the next three to four years, funding the expansion through its cash reserves and profits from its core insurance business, cofounder and CEO Abhishek Poddar told ET.
“While we are not opposed to raising funds as we continue to grow and expand our business, our investment in healthcare is not contingent on a fresh fundraise,” he added.
The company will channel the investment towards hiring clinical and engineering talent, developing technology infrastructure, and scaling partnerships and go-to-market initiatives. A large part of this investment will go into technology, Poddar said.
The startup has developed an in-house teleconsultation platform, backed by a network of doctors. Through its initiative, ‘Plum Health Checkups’, the company offers at-home diagnostic screenings, AI-powered diagnostic tools and personalised doctor consultations. Users can select tests, schedule home sample collections, and access reports digitally. The company partners with external diagnostic labs for the tests.
Founded in 2019, Plum claims to be working with 6000 companies and it expects healthcare services to contribute 30-40% of its total revenue over the next five years.
For the fiscal year ended March 2024, Plum reported operating revenue of Rs 45.3 crore, according to Tracxn. Its net loss narrowed to Rs 25.5 crore from Rs 55.2 crore in FY23.
Plum’s healthcare push comes amid a broader trend of insurance and fintech platforms expanding into full-stack healthcare services. On May 8, PB Healthcare Services, an affiliate of Policybazaar parent PB Fintech, raised $218 million in a funding round led by US-based venture capital firm General Catalyst, with participation from PB Fintech and another institutional investor. The healthcare venture, which is building a platform integrating both healthcare and insurance, plans to use the funds to establish a chain of five-six hospitals, each with a capacity of 200–250 beds, in the National Capital Region as part of its first phase.
