 "Zopper")
Insurtech (insurance technology) startup Zopper on Thursday announced that it has raised $25 million in series D funding, led by Elevation Capital and Dharana Capital. The round also saw participation from existing investor Blume Ventures.
Zopper, which is also backed by Creaegis, Bessemer Venture Partners, and ICICI Venture, will use the fresh funding to ramp up its digital technology infrastructure, by strengthening its insurance distribution platform.
The company will also invest in its data science, data engineering and Artificial Intelligence and Machine Learning (AI/ML) capabilities. The funds will also accelerate growth in the firm’s current bancassurance offerings and enhance its post sales and servicing capabilities for Zopper’s device and appliance protection businesses, the firm said in a statement.
“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,” said Surjendu Kuila, co-founder and CEO, Zopper.
“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,” he added.
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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.
“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,” explained Mayank Gupta, co-founder and COO, Zopper.
“We are here to transform and automate the insurance distribution model in India, effectively, strategically and keeping customers in mind,” he added.
The company has currently partnered with 40 insurance companies and over 2,500 ecosystem players. Zopper’s insurtech platform is equipped with over 1,000 APIs, the company said.
“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,” said Mridul Arora, Partner, Elevation Capital.
Zopper’s funding round comes at a time when funding among Indian startups has shown a resurgence.
Startup funding in 2024 has increased by 10 per cent year-on-year (YoY), reaching $9.78 billion, compared to $8.88 billion during the same period last year, according to market research firm Tracxn.
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