Insurtech platform Zopper has raised $25 million in a Series D funding round co-led by Elevation Capital and Dharana Capital. Existing investor Blume Ventures also participated in the round, the firm said on November on 21, without disclosing the valuation at which the funds were raised.
Valued at $101 million in its previous round in 2022, the New Delhi-based firm has raised $121 million to date from investors like Creaegis, Bessemer Venture Partners, ICICI Ventures and Tiger Global Management.
The funds will be used to enhance Zopper’s technology infrastructure, focusing on strengthening its insurance distribution platform, expanding its data science and AI/ML capabilities, the firm said.
Zopper also plans to invest in its human resources, while improving post-sales and servicing capabilities for device and appliance protection businesses.
Founded in 2021, Zopper provides an application programming interface (API)-based software platform, which connects insurers with third-party platforms.
Through the integration, it allows these platforms, including banks, nonbanking financial institutions, retail chains and mobility firms, to embed and distribute insurance products to their customers and handle policy issuance, claim management and so on.
It claims to have partnered with 40 insurance companies and over 200 clients to offer its tech stack.
"Zopper democratises access to insurance products in India by providing customised, innovative, and affordable solutions. With trust from our partners, we continue to work on transforming customer journeys for enhanced financial protection," Zopper co-founder and CEO said Surjendu Kuila said.
Co-founder and COO Mayank Gupta said instead of building infrastructure from scratch, Zopper uses technology to streamline existing systems. “Our mission is to transform and automate the insurance distribution model in India effectively and strategically,” Gupta said.
Mridul Arora, Partner at Elevation Capital, said the company was excited to support Zopper’s journey towards realising India’s 'Insurance for All' vision by 2047.
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