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Zopper, an insurance startup, has raised $75 million in a Series C funding round. It was led by Creaegis and also saw participation from ICICI Venture and Bessemer Venture Partners, Blume Ventures.
The insurance startup will use the fresh funds to enhance 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. It aims to achieve an annualised gross written premium (GWP) of $500 million by March 2024, the company said.
It also intends to expand its workforce. Surjendu Kuila, Co-Founder and CEO of Zopper, told BusinessLine: “As of now, we have a team of 450 people and plan to expand to 600 by the end of this fiscal year. Close to 90 per cent of the new additional headcount will be a part of the product/engineering team.”
Revolutionise insurance
Zopper was established in 2011 and aims to revolutionise insurance distribution via its SaaS platform, deep integration layer, and data analytics capabilities. The insurtech platform says it has more than 150 partners and a presence in more than 1,200 cities, offering various insurance products and end-to-end technology and service to insurers.
“We partner with our distribution channels throughout the entire lifecycle of their insurance strategy—from product solutions and API-driven SaaS integrations to sales enablement and claims management. This funding will support the company to fortify its position as a leader in the insurtech industry,” added Mayank Gupta, Co-Founder, and COO, Zopper.
Prakash Parthasarathy, Managing Partner, Creaegis, said “Over the years, Zopper have demonstrated their tech and product innovation value to their ecosystem partners and insurers. All this has been achieved in a very capital-efficient manner and our investment will help its accomplished management team to scale and improve access to a wider customer base.”
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