Zopper, one of the leading insurtech startups, has raised $75 million in Series C funding. The investment is one of the largest funding rounds in the insurtech space in Asia to date.
The funding round was led by Creaegis with participation from ICICI Venture and Bessemer Venture Partners. Existing investor Blume Ventures also participated. Tiger Global, currently invested in the company, will also continue to extend support for growth.
Zopper said the fresh capital will allow it to bolster its SaaS platform and data analytics capabilities, build a next-generation data engineering team, fuel business development initiatives, undertake inorganic growth and explore opportunities in the international market.
With 150+ partners and a presence in over 1200+ cities, Zopper helps B2B and B2C organisations to offer various insurance products and provides end-to-end technology and service offerings to insurers.
The company said on Tuesday it aims to achieve an annualised Gross Written Premium (GWP) of $500 million by March 2024.
“Our deep understanding of technology, data and insurance products have given rise to the next generation SaaS enabled distribution platform. The insurance industry is yet to witness usage of such tech-enabled products," Surjendu Kuila, Co-Founder and CEO of Zopper, said.
He said Zopper grew exponentially in the last four years, and would continue to grow at a significant pace in the years to come.
"Zopper has the advantage of experience, scale, and efficiency. We partner with our distribution channels throughout the entire lifecycle of their insurance strategy – right from Product Solutioning and API-driven SaaS integrations to Sales Enablement and Claims Management," said Mayank Gupta, Co-Founder and COO of Zopper.
Gagandeep S Chhina, director of private equity of ICICI Venture, said he thinks Zopper is well positioned to capture the long-term growth opportunity and said the company had shown a successful investment track record in the insurance sector.
According to Vishal Gupta, partner of Bessemer Venture Partners, this company would become the default API-led, SaaS distribution infrastructure platform for insurance companies to cross-sell insurance products.
Haitong Securities was the investment banker for the transaction.
Established in 2011, Zopper is India’s largest embedded insurtech platform that aims to revolutionise insurance distribution via its SaaS platform, deep integration layer and data analytics capabilities.
First Published: Sept 20, 2022 11:09 AM IST
