In order to finance its expansion strategy, Solvy Tech Solutions, which operates the insurtech platform Zopper, has raised $75 million from investors coordinated by Creaegis.
According to the New Delhi-based firm, ICICI Venture, Bessemer Venture Partners, and existing investor Blume Ventures all participated in the investment round.
The funds raised will be applied to strategic acquisitions, bolstering the platform’s technological and data engineering capabilities, and supporting Zopper’s global expansion, according to The Economic Times.
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“We have been able to sustain ourselves and have raised capital after seven years. The reason behind raising capital now was that we wanted to grow significantly and realised that there was a large land-grab opportunity for us, in the space we operate in,” Surjendu Kuila, chief executive officer, Zopper, said.
Zopper is an application programming interface (API)-based software platform that links insurers, banks, and third-party platforms. It was founded in 2011 by Surjendu Kuila and Mayank Gupta.
Equitas Small Finance Bank, fintechs like Ola, Cars24, and Cashe, regional and rural banks, as well as assurance and extended warranty providers like Croma, Panasonic, Hitachi, and Xiaomi, are just a few of the 150 platform partners the business works with.
“To PhonePe, it was an asset sale and the proceedings of the deal were clocked as revenues on Zopper’s books. There was no change in the parent’s shareholding and neither did PhonePe take a stake in the holding company,” explained Mayank Gupta, cofounder and chief operating officer of Zopper.
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“We will look at acquisitions which will help our core business in two ways. First is to help create a basket or bouquet of insurance products which will help increase our margins. Second is onboarding interesting platforms to make our technology stack more frictionless,” Kuila said.
About Zopper
Insurers, banks, and other platforms are linked together using Zopper’s application programming interface (API)-based software platform. These platforms can embed and offer insurance solutions to their consumers thanks to the integration.
