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.