Zopper, an insurtech platform has raised $25 million in its Series D funding round, co-led by Elevation Capital and Dharana Capital. The round also saw participation from existing investor Blume Ventures.
The fresh funding will be used to enhance its digital technology infrastructure, by strengthening its Insurance Distribution platform. The company also plans to invest in its data science, data engineering, artificial intelligence and machine learning capabilities.
The funds will also accelerate growth in the current bancassurance solutions and enhance the post-sales and servicing capabilities for Zopper’s device and appliance protection businesses.
“We take pride that we are the only insurtech company that works with insurance providers and creates byte-sized, personalised products that it then supplies to distribution partners. With trust of our partners, we are constantly building and working efficiently in transforming seamless journeys for customers to safeguard their future finances and increase financial protection,” said Surjendu Kuila, co-founder and CEO, Zopper.
Mayank Gupta, Co-Founder and COO said, “Our thesis from the early days has been clear: There’s already an infrastructure, somebody has poured capital expenditure to build that infrastructure. So why don’t we then use technology to streamline that instead of creating everything from scratch. We are here to transform and automate the insurance distribution model in India, effectively, strategically and keeping customers in mind. We are mission-focused as a team. If we get this right, it will be transformational for the ecosystem and the country.”
Mridul Arora, Partner, Elevation Capital said, “We are thrilled to announce our partnership with Zopper in their latest round of investment. Their resilience and exceptional prowess in product creation, technology development, and sales have driven extraordinary growth, setting new industry standards. As Zopper continues its journey towards fulfilling India’s ambitious ‘Insurance for All’ vision by 2047, we are excited to support their transformative contributions as they redefine benchmarks in the insurance sector.”
Vamsi Duvvuri, Founder and Managing Partner, Dharana Capital said, “Zopper’s cutting-edge tech stack and customer-first approach have positioned them as a leader in the insurance ecosystem. We are excited to support their continued growth.”
Founded in 2011, Zopper works with insurance providers to create byte-sized integrated insurance solutions for partners, creating customised APIs on its software-as-a-service (SaaS) platform.
It has currently partnered with 40 insurance companies and 2500+ ecosystem players. Its insurtech platform is equipped with over 1,000 APIs and the company works with insurance providers to create suitable byte-sized integrated insurance solutions for partners.
It previously raised Series C funding worth $75 million in September 2022, led by Creaegis, with participation from ICICI Venture, Bessemer Venture Partners, Tiger Global, and Blume Ventures.
