Why we believed in Plum from Day 1
Plum raised $15.6M led by Tiger Global.
Big congrats, Abhishek, Saurabh, and the entire Plum team!
We, Incubate Fund India, invested in the startup as the first backer in early 2020.
Since then, the team has shown a remarkable journey and built a strong basis for the further exponential growth.
We met the founders, Abhishek and Saurabh, for the first time even before they incorporated the company. (I personally sent a cold e-mail to them to have a casual chat on insurance + corporate benefit platform)
For us, only two short meetings were good enough to believe in them and write the first cheque.
The reason is, simply, we felt super strong on below two things;
- Vision & execution capability of the founders: Abhishek and Saurabh have strong background (both educational and professional). Moreover, how they see the insurance industry and corporate benefit industry in India were almost 100% aligned with our internal thesis. We felt they have a deeper understanding of the industry than most of the others and, at the same time, they have required skill-set and capability to build a strong business. It is very much rare to see these two things (deep industry understanding & strong execution capability) are in a founding team so it was an easy call for us to support them.
- Market is large enough and ready to be disrupted: This is obvious. But, this is also very important. The right founders should start a business in the right market and the right timing. 2020–2021 has been a dawn of revolution in the insurance industry in India and Plum has been well positioned in that revolution.
Since we wrote the first cheque, the team has impressed us all the time in many ways.
- They have built a beautiful product from scratch and the process has been very lean (that development process and the philosophy is something that many startup founders can learn from).
- The PDCA (plan-do-check-act) cycle has been super fast and always trying to improve.
- There has been no compromisation on hiring.
- They have built a strong community of supporters and believers.
- Investor communication has been concise and very transparent.
Now, at this funding round, we got an additional set of strong investors.
So, we strongly believe that Plum will accelerate their growth and create a massive positive impact to the insurance/corporate benefit industry in India!
Onwards and upwards!