Plum Insurance ESOP buyback celebration with employees holding a large check.
Insurtech startup Plum has announced its first employee stock ownership plan (ESOP) buyback programme, valued at ₹15 crore. This initiative aims to allow 199 employees, including 73 current and 126 former staff members, to exercise their vested options as of March 31, 2026.
The buyback programme is designed to be inclusive, extending to early team members and former interns who received stock options during the company’s foundational years. Plum stated that approximately 17 employees are anticipated to receive payouts exceeding ₹20 Lakh each. This move underscores Plum’s commitment to fostering a culture of ownership and supporting the long-term financial well-being of its employees.
This ESOP buyback follows Plum’s recent Series B funding round, where it secured ₹193 crore ($20.6 million). The company has raised over $40 million to date from investors including 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 operates an employee health benefits platform serving over 6,000 organizations and more than 6 Lakh employees, competing with players like Pazcare, Nova Benefits, and Onsurity.
Plum’s announcement aligns with a broader trend among startups to conduct ESOP buybacks, enhancing their appeal as employers and providing liquidity to their teams. This year has already seen several startups, including Innovaccer, Emversity, CoinDCX, Atlys, Unacademy, and Tractor Junction, undertake similar liquidity programmes.
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