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[Funding News] Eume Secures Rs 15 Cr Funding Round from Ashish Kacholia

By Team VS
New Update
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Naina Parekh, EUME, CEO

Eume, a premium luggage manufacturer, has secured Rs 15 crore in a funding round that was led by by investor Ashish Kacholia.

The funds will be allocated to expand the team, drive innovation, create an offline retail presence, invest in technology, enhance brand awareness, and streamline operations.

Read also - Quidich Innovation Labs Raises Funding from Centre Court Capital

The brand intends to establish its inaugural flagship store in Mumbai this year. "Brand recall, trust, and loyalty are all factors that contribute to the buying capability." Also, given that we are positioning ourselves in the premium segment, omnichannel would be highly beneficial.

Eume's products have secured a position on the shelves of major retailers due to their exceptional functionality, which is consistent with our approach of supporting prospective challenger brands that exhibit exceptional potential at the outset of their life cycle.

Eume provides a wide range of products, such as backpacks, accessories, vegan purses, and luggage.

Naina Parekh, founder, Eume, said: “Today's tier II and tier III cities are also very well exposed to premium brands. So, to tap into these kinds of aspirational people is a very big expansion goal,"

About Eume

Founded in 2018 by Naina Parekh, EUME specializes in creating innovative, multi-purpose accessories for everyday commuters, jetsetters, and family travelers.

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Read the Next Article

Zopper has Raised $25 Mn in Series D round Funding

Zopper plans to use the fresh funding to strengthen its overall tech stack, including the insurance distribution platform. Zopper helps businesses sell insurance products by connecting them to ecosystem partners like ecommerce marketplaces.

By Aryan Sharma
New Update
Zopper has Raised $25 Mn in Series D round Funding

 Zopper is an insurtech firm based in Delhi NCR, has raised $25 million (about INR 211.2 crore) in a Series D funding round headed by Elevation Capital and Dharana Capital, with Blume Ventures, an existing investor, also participating. 

Purpose of fundraising

With the additional funds, the business intends to fortify its whole technology stack, including the platform for distributing insurance.

Read Also - CredFlow raises $3.7 Million in Pre-Series B Round Funding 

Furthermore, according to a statement from the company, a portion of the revenues will also be used to improve Zopper's device and appliance protection business's post-sale and maintenance capabilities.

Furthermore, some of the funds have been set aside for investments in machine learning, artificial intelligence, data science, and data engineering.

In order to provide flawless customer support, the company is developing a modern policy administration system (PAS) that will make use of an up-to-date tech stack, effective algorithms, data management, and security features. 

Insurance companies and ecosystem partners provide Zopper with income. In order to deliver items to an ecosystem partner, it charges insurers a brokerage fee. 

Zopper Platform Offer

The Zopper platform allows ecosystem partners to handle issues pertaining to claims, endorsements, and post-sales, among other things. Every policy that passes through this specific conduit generates revenue for Zopper.

The business, which has investors including Creaegis, Bessemer Venture Partners, and ICICI Venture, says it has raised $100 million so far. In 2022, Creaegis led Zopper's $75 million Series C fundraising round.

It serves well-known brands including Amazon, Ola, Xiaomi, Croma, Hitachi, Equitas Small Finance Bank, and Chaitanya, and it is present in over 1,200 cities around India.

The investment in Zopper coincides with a boom in the Indian insurtech business, which is expected to reach a valuation of $307 billion by 2030. 

Additionally, investors are becoming more interested in domestic insurtech businesses. For example, Onsurity closed its Series B round at $45 million in September after raising an additional $21 million, headed by the private equity firm Creaegis.

Before that, Square Insurance, a Jaipur-based company, received $3 million in pre-series A fundraising in August from investors such as Negen Capital and BizDateUp.

About Zopper

Zopper is an embedded platform for insurance sales that was founded in 2011 by Surjendu Kuila and Mayank Gupta. Through its unique embedded insurance API suite, it assists major insurance companies in connecting with ecosystem partners, such as e-commerce marketplaces. 

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.

Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.

Tags: Zopper