Mumbai, March 26 -- Plum Insurance has raised $20 million ( Rs.193 crore) from existing investors Peak XV Partners and Tanglin Venture Partners, and a new investor, Japan-based GMO Venture Partners.

The funding round comes as Plum looks to scale its business and provide partial liquidity to early backer Incubate Fund Asia, co-founder and chief executive Abhishek Poddar told Mint.

The round valued the Bengaluru-based company at $125 million ( Rs.1,181 crore), almost double its previous valuation of $66 million ( Rs.625 crore) from 2021. It had raised $15 million in a Series A round led by Tiger Global with participation from Peak XV's Surge, Tanglin Venture Partners, Incubate Fund, and Gemba Capital.

About 30% of the latest round compri...