Insurtech platform Zopper said on Thursday that it has raised $25 million in a Series D funding round, co-led by Elevation Capital and Dharana Capital, along with the participation from existing investor Blume Ventures.
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 company said that the funds will also accelerate growth in the current bancassurance solutions and enhance the post sales and servicing capabilities for its device and appliance protection businesses.
Zopper currently has partnered with 40 insurance companies and more than 2,500 companies. Its insurtech platform is equipped with over 1,000 APIs. It will continue its focus on new product development and enhanced customer experiences with an aim to augment the overall technology stack.
“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,” said Surjendu Kuila, co-founder and chief executive officer.
“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,” said Mayank Gupta, co-founder and chief operating officer.
Zopper is also backed by Creaegis, Bessemer Venture Partners, and ICICI Venture. In September 2022, the company had raised $75 million in new funding in its Series C round led by Creaegis and participated by ICICI Venture, Bessemer Venture Partners, and Blume Ventures.
