Zopper raises $25 M in Series D round

Mumbai, Nov 22: Zopper, India’s leading Insurtech platform, today announced it has raised $25 million in Series D funding round, co-led by Elevation Capital and Dharana Capital. The round also saw participation from existing investor Blume Ventures. Zopper is also backed by Creaegis, Bessemer Venture Partners, ICICI Venture.

Zopper will use this 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 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.

The company has currently partnered with 40 insurance companies and 2500+ ecosystem players. Zopper’s insurtech platform, equipped with over 1,000 APIs, aims to transform the insurtech ecosystem in India. Zopper will continue its focus on new product development and enhanced customer experiences with an aim to augment the overall technology stack. Zopper is building a modern PAS that will use contemporary tech stack, efficient algorithms and state of the art data handling and security features for seamless customer service. This platform will enable the insurers to cater to the needs of the evolved market landscape by bringing efficiency and scalability in their operations, product development and customer satisfaction. Presently Zopper provides contextual products tailored for customers, across the insurance spectrum in India, embedding products into the existing digital platforms of the ecosystem players.

Zopper is on a mission to grow and support the entire Insurtech market with its cutting-edge innovative products and for bettering the customer experience. Zopper works with the best insurance providers and creates suitable byte-sized integrated insurance solutions for partners, creating customised APIs on the SaaS platform uniquely designed to match every requirement and continue to provide intricate technical support.

Surjendu Kuila, Co-Founder & CEO, “Zopper democratises access to insurance products in India by providing customised, innovative, and affordable solutions. 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. We wish to continue the momentum and work in partnership with our customers and investors to create an ecosystem for a financially secure future”.

Mayank Gupta, Co-Founder and COO added, “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”.