Bengaluru-based insurtech startup Plum, known for its group health insurance offerings, is now making a major strategic leap beyond insurance broking with the launch of Plum Health, a new healthcare vertical aimed at delivering comprehensive, longitudinal care for working professionals across India. Backed by Tiger Global, Plum has committed ₹200 crore to the initiative, positioning it as a full-stack digital health platform tailored specifically for employees.
The new vertical will offer services including diagnostics, teleconsultations, and AI-powered health tracking. Co-founder and CEO Abhishek Poddar emphasized that this is not just a product extension but the creation of an entirely new business unit—"a startup within a startup"—with its own team, leadership, and P&L. Leading this division is Prayat Shah, former co-founder of Wellthy Therapeutics.
Plum Health comes at a time when corporate health spending in India is undergoing a transformation. Poddar pointed out that while insurance previously accounted for nearly all employer health budgets, today 10–15% is being redirected to services such as diagnostics, mental health, outpatient care, and preventive health. This share is expected to rise to 30–40% in the next few years.
To meet this demand, Plum has launched Plum Health Checkups—an at-home screening service covering over 200 biomarkers including Apo A1 and Apo B for cardiovascular risk. These are customized based on employee age and risk factors and are powered through integrations with third-party diagnostic labs across 4,000+ locations. Results are translated into easy-to-understand AI-powered reports, with conversational summaries that allow users to "chat" with their health data. Follow-ups can then be scheduled with Plum’s in-house team of over 100 doctors.
This approach reflects Plum’s broader mission to move “from claims to care.” According to Poddar, the goal is not just to detect health risks, but to act on them. The company’s health camps have already screened 5,000+ employees and identified chronic disease risk in 71% of them—underscoring the need for preventive care in India’s workforce.
Plum Health operates on a subscription-based model, where partner companies select annual care packages tailored to their workforce's health profiles. Unlike the insurance broking business, which earns 5–7% commission, this model gives Plum full control over pricing and bundling, enhancing profitability.
Notably, the entire ₹200 crore investment in Plum Health is being funded internally—through cash reserves and surpluses from its core insurance operations, which turned EBITDA-positive in the second half of FY25. Plum reported ₹70 crore in revenue during the fiscal year and facilitated over 1 lakh teleconsultations in 2024, with 20% linked to mental health.
Beyond this expansion, Plum has also ventured into the B2C segment with a personal insurance product, complementing its original group insurance line. With three revenue streams now—group insurance, personal insurance, and healthcare—Plum is betting on integrated, tech-driven health ecosystems to define its future growth.
Poddar believes the opportunity is massive, with less than 2% of the corporate healthcare market currently served by new-age platforms. “We’re not just competing with peers,” he said. “We’re replacing 100-year-old brokers with modern, outcome-based solutions.”