Plum Insurance Announces ₹15 Cr ESOP Buyback
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Insurtech startup Plum has announced its first ESOP (employee stock ownership plan) buyback programme worth ₹15 Cr today. Plum mentioned that the buyback will enable 199 employees to exercise their vested options as on March 31, 2026.
The initiative would benefit 73 current and 126 former employees of Plum to liquidate up to 25% of their stock options. The startup claimed that around 17 employees are expected to receive payouts exceeding ₹20 Lakh.
The startup said that the buyback includes not only long-term employees but also former interns and early team members who received stock options during its formative years.
“Designed to be employee-friendly, broad-based, and inclusive, Plum’s buyback policy reflects the company’s guiding principle of building a culture of care from within, one where ownership is not treated as a symbolic benefit but as a meaningful pathway to long-term financial wellbeing,” Plum Insurance said.
The buyback announcement follows the startup’s recent fundraise of ₹193 Cr ($20.6 Mn) in its Series B funding round to fund talent acquisition and bolster tech stack. Overall, the startup has raised over $40 Mn from investors like Tiger Global, Incubate Fund Asia Peak XV Ventures, Tanglin Venture Partners and GMO Venture Partners.
Founded in 2019 by Abhishek Poddar and Saurabh Arora, Plum Insurance provides an employee health benefits platform to over 6,000 organisations to deliver insurance and healthcare benefits to more than 6 Lakh employees. It competes with the likes of Pazcare, Nova Benefits and Onsurity.
Plum counts the likes of Zomato, Swiggy, smallcase, WeWork India, among others, as its clients.
Plum Insurance’s ESOP buyback announcement comes at a time when startups are actively undertaking similar exercises to presumably enhance their employer profiles.
To note, since the start of this year, six startups across various business sectors including Innovaccer, Emversity, CoinDCX, Atlys, Unacademy and Tractor Junction have announced ESOP buybacks.
Yesterday, tractor marketplace startup Traction Junction announced its second ESOP liquidity programme worth ₹3 Cr, benefitting 80 eligible employees to exercise their vested ESOPs.
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