Insurtech platform Plum, which is backed by investors including Tiger Global, is setting up a separate health vertical, Plum Health, in parallel to its insurance business.

The Bengaluru-based startup is committing Rs 200 crore to the vertical that it seeks to make it into a full-stack healthcare platform.

It has appointed Prayat Shah, former founder of Wellthy Therapeutics, as head of healthcare. The company will expand its healthcare team fivefold to support this strategic shift, Plum stated.

Commenting on the development, Abhishek Poddar, co-founder and CEO, Plum, said, "We're not just adding features - we’re investing in building a full-stack healthcare business alongside insurance. This commitment will help us deliver integrated, preventive, and personalised care at scale, supporting companies that view employee health as a strategic investment in their growth." 

Plum, which was founded in 2019 by Poddar and Saurabh Arora, has raised $20.7 million in total funding so far. It had last raised $15.6 million in its Series A funding round led by Tiger Global. Existing investors Peak XV Partners' Surge, Tagline Venture Partners, Incubate Fund and Gemba Capital had also participated in the funding round.