Plum Insurance is a healthcare platform that offers healthcare and wellness services. The startup announced a 154.7 percent increase in its operational revenue to Rs 41.3 crore in FY24. The firm provides health benefits like yoga sessions with group insurance solutions. The company’s primary source of revenue was the sales from its insurance services and interest commissions.
The startup also earns its income through health benefit services which increased by 79.9 percent to Rs 2.9 crore in the last fiscal year. The company provides group insurance solutions to startups and small companies with health benefits like health check-ups. The firm also earned Rs 4 crore through interest income. These increased costs pushed the total revenue to Rs 45.3 crore in FY24. However, the net loss also decreased by 53.8 percent compared to the last fiscal year and stood at Rs 25.52 crore in FY24.
Plum covers medical expenses such as hospitalization, ICU, and other services for employees and their families. The company also provides plans for COVID coverages, tax benefits, and more. The software license cost decreased by 29.8 percent to Rs 3.44 crore with rent cost increasing by 26.1 percent to Rs 3.04 crore in FY24. Meanwhile, the firm’s total decreased by 53.8 percent and crossed Rs 70.8 crore in FY24. The employee benefits accounted for 76.7 percent of the total cost and decreased by 14.1 percent to Rs 54.3 crore in the same duration.
The Bengaluru-based startup has raised around 20.7 million USD across multiple funding rounds since its inception, including $15.7 million secured during its series A funding round from Surge and Tiger Global Management. The employee health benefits firm focuses on improving its brand presence and service. The startup managed to control its losses for this financial year. India Internet Fund is the firm’s largest institutional investor.
The EBITDA margin improved and stood at -53.64 percent in FY24, while the ROCE was reported to be around -39.23 percent in the same duration. Plum Insurance posted cash and bank balances of Rs 2.19 crore. The startup earned Rs 38.46 crore from sales of insurance commission increasing the total income in this fiscal year. The company faces competition with other employee health benefit platforms such as Accolade, Hinge Health, and Heath Equity.
Conclusion :
Plum Insurance is an employee health benefits platform that reported a 154.7 percent increase in its revenue from operations to Rs 41.3 crore with a net loss of Rs 25.52 crore in FY24. This cloud-based platform offers group insurance solutions and employee health management services. These insurance services and interest on commissions are the company’s major sources of revenue.
The startup’s total expenditure decreased by 12.6 percent and crossed Rs 70.8 crore in FY24. Employee benefits decreased by 14.1 percent in this financial year to Rs 54.3 crore in the same duration. The company offers healthcare benefits to startups and small businesses. Plum Insurance competes with other healthcare and employee benefit platforms such as Share Care and Hinge Health.
Niraj Kumar is the Founder and CEO of Scoopearth, bringing over 13 years of experience across diverse domains, including journalism, content marketing, digital marketing, startup mentoring, and business coaching. His extensive background and leadership have made a significant impact in these areas, helping startups grow and succeed in a competitive landscape.
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