Plum ventures into business insurance, aims to become profitable by FY25

Plum, an insurance technology company that provides employee health and wellness solutions, is expanding its offerings to include business insurance, with the launch of Plum Business.

This is the third line of business that Plum launched after employee insurance and employee health benefits. Plum will now offer curated and customizable business insurance products, enabling businesses to thrive in an increasingly complex and challenging environment.

Abhishek Poddar, Co-Founder and CEO of Plum said, “With Plum Business, we aim to create a sustainable ecosystem that protects both. We have put the ‘benefits’ and ‘wellness’ conversation in the spotlight, and we will continue to consult companies on the best and most advanced benefits solutions while paying Our current business forward.”

It’s a positive margin with three times annual growth, Bloom said. According to Poddar, with the foray into new business, the company expects to turn a profit by fiscal 2025.

The decision to enter the field of business insurance comes at a critical time when start-ups and corporates are facing multiple challenges around corporate governance. The company said Plum enables companies to protect their employees, profits and runways, while instilling confidence in stakeholders.

Plum is currently in the first stage and has raised $20.7 million from investors like Tiger Global and Sequoia Capital. Headquartered in Bengaluru, Plum has over 300 employees.