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Plum Insurance posts Rs 41 crore in operating revenue in FY24
08 Dec 2024, 12:22 AMThe Tiger Global-backed Plum Insurance saw its losses decline by 54% to Rs 25.5 crore from Rs 55 crore in FY23.
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Plum Insurance has reported Rs 41.3 crore in revenue from operations in FY24, compared to Rs 16.2 crore in FY23.
The insurtech startup generated Rs 38.46 crore income from insurance commission in FY24, from Rs 14.6 crore in FY23; whereas revenue from health benefit services grew to Rs 2.9 crore, reported Entrackr.
Overall, Plum Insurance's total expenses declined to Rs 70.8 crore in FY24, from Rs 81.1 crore in FY23. The company spent Rs 54.3 crore on employee benefit cost.
The Tiger Global-backed Plum Insurance saw its losses decline by 54% to Rs 25.5 crore from Rs 55 crore in FY23.
The company has secured a total funding of $20.6 million in funding till date.
In 2021, Plum -- which partners with small businesses to provide health insurance coverage to all their employees --raised $15.6 million in its Series A funding led by Tiger Global, with participation from existing investors Sequoia Capital India’s Surge, Tanglin Venture Partners, Incubate Fund and Gemba Capital.
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