Plum Insurance launches Rs 15 Cr ESOP buyback for current and former employees

Plum Announces First ESOP Buyback Worth Rs 15 Crore

Plum, the Bengaluru‑based employee health‑benefits platform, has launched its inaugural ESOP buyback programme valued at Rs 15 crore. The initiative is designed to provide liquidity to both current and former staff members.

According to the company, the buyback will encompass 199 employees—73 who are still with the firm and 126 who have left—provided their stock options were vested as of March 31 2026. Eligible participants may cash out up to 25 % of their vested ESOPs.

Plum estimates that 17 individuals will receive payouts exceeding Rs 20 lakh each. The scheme also extends to former interns and early team members who were granted stock options during the company’s early stages.

The programme aims to reward those who have contributed to Plum’s growth by turning long‑term equity into immediate financial benefit. Current employees will receive the full fair‑market value of their vested options without any exercise cost or discount.

The buyback follows closely on the heels of Plum’s $20.5 million Series B round, led by Peak XV Partners, which closed roughly three months earlier. Existing backer Tanglin Venture Partners increased its stake, while GMO VenturePartners joined as a new investor. This fresh infusion marks the company’s first capital raise in nearly five years, after its $15.6 million Series A led by Tiger Global in 2021.

Plum is now among a growing number of startups that have used ESOP buybacks to give employees liquidity this year. Data compiled by Entrackr shows that nine startups have collectively repurchased ESOPs worth more than $220 million in 2026. The list includes BrowserStack, Innovaccer, CoinDCX, Unacademy, Tractor Junction, Emversity, Cashfree Payments and Kratikal.

Founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum offers employee health‑insurance and benefits solutions to enterprises. The startup says it serves over 6,000 organisations and covers more than 600,000 employees across India.

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The proceeds will be used to upgrade manufacturing capacity, speed product development, broaden offline distribution, and deepen digital outreach. Anveshan also plans to invest in sourcing infrastructure, procurement systems, quality‑assurance, testing, and to expand collaborations with micro‑entrepreneurs and traditional producers.

Founded in 2020 by Kuldeep Parewa, Akhil Kansal and Aayushi Khandelwal, Anveshan sells minimally processed items such as A2 bilona ghee, cold‑pressed oils, raw honey, atta and other traditional nutrition‑focused products. It operates through a network of rural producers and micro‑entrepreneurs nationwide.

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For the fiscal year ended March 2025, Anveshan posted a 64.6 % rise in operating revenue to Rs 77.08 crore (up from Rs 46.84 crore in FY 24). Losses widened to Rs 11.88 crore in FY 25 from Rs 5.74 crore the previous year.