Abhishek Poddar and Saurabh
Arora are the co-founders of Plum Insurance. Plum Insurance is an insurtech
platform that offers employee group insurance solutions for startups and small
and medium-sized enterprises (SMEs). The company was founded in 2019 with the
goal of insuring 10 million people in India by 2025. Tiger Global-backed
employee benefits and healthcare platform Plum Insurance demonstrated
impressive financial performance in the fiscal year ending March 2024. The
company reported 2.5X year-on-year growth in its operating revenue and reduced
losses by 54% in FY24. Plum Insurance’s revenue from operations spiked by to Rs
41.3 crore in FY24, from Rs 16.2 crore in FY23, its consolidated financial
statement filed with the Registrar of Companies (RoC) shows. Plum Insurance
offers group insurance solutions to startups and SMEs, along with health
benefits such as doctor consultations, health check-ups, fitness and yoga
sessions, mental wellness support, nutrition guidance, and dental care
services.
Revenue from insurance commission
remained the largest contributor, accounting for 93.08% of the total operating
revenue. This income spiked by 2.6X to Rs 38.46 crore in FY24 from Rs 14.6
crore in FY23. Revenue from health benefit services also witnessed a
significant increase of 79.9%, reaching Rs 2.9 crore in the last fiscal year.
The company made additional Rs 4 crore from interest income which pushed its
total income to Rs 45.3 crore in FY24. On the expense side, employee benefit
expenses formed the bulk of spending at Rs 54.3 crore, constituting 76.7% of
total expenses, though this marked a decline of 14.1% from the previous fiscal
year.
Software license fees
dropped 29.8% to Rs 3.44 crore, while rent expenses rose by 26.1% to Rs 3.04
crore. Fees paid for health benefits grew by 43.3% to Rs 2.88 crore. Overall,
Plum Insurance's total expenses declined by 12.6% to Rs 70.8 crore in FY24,
from Rs 81.1 crore in FY23. In the end, Plum Insurance managed to decline its
losses by 54% to Rs 25.5 crore from Rs 55 crore in FY23. Its ROCE and EBITDA
margins improved to -39.23% and -53.64%, respectively. Tiger Global-backed
employee benefits and healthcare platform Plum Insurance demonstrated
impressive financial performance in the fiscal year ending March 2024. The
company reported 2.5X year-on-year growth in its operating revenue and reduced
losses by 54% in FY24.Plum Insurance’s revenue from operations spiked by to Rs
41.3 crore in FY24, from Rs 16.2 crore in FY23, its consolidated financial
statement filed with the Registrar of Companies (RoC) shows. Plum Insurance
offers group insurance solutions to startups and SMEs, along with health
benefits such as doctor consultations, health check-ups, fitness and yoga
sessions, mental wellness support, nutrition guidance, and dental care
services. Revenue from insurance commission remained the largest contributor,
accounting for 93.08% of the total operating revenue. This income spiked by
2.6X to Rs 38.46 crore in FY24 from Rs 14.6 crore in FY23. Revenue from health
benefit services also witnessed a significant increase of 79.9%, reaching Rs
2.9 crore in the last fiscal year. The company made additional Rs 4 crore from
interest income which pushed its total income to Rs 45.3 crore in FY24.On the
expense side, employee benefit expenses formed the bulk of spending at Rs 54.3
crore, constituting 76.7% of total expenses, though this marked a decline of
14.1% from the previous fiscal year. In the end, Plum Insurance managed to
decline its losses by 54% to Rs 25.5 crore from Rs 55 crore in FY23. Its ROCE
and EBITDA margins improved to -39.23% and -53.64%, respectively. On a unit
basis, the company spent Rs 1.71 to earn a rupee in FY24. The company’s current
assets stood at Rs 62.2 crore, while its cash and bank balances were recorded
at Rs 2.19 crore in FY24.