Insurtech startup Zopper has raised $25 million in a Series D funding round led by Elevation Capital and Dharana Capital, with participation from existing investor Blume Ventures.
The company said that the funding will be used to enhance Zopper’s digital technology infrastructure and strengthen its insurance distribution platform.
The company, which is also backed by Creaegis, Bessemer Venture Partners, and ICICI Venture, plans to invest in its data science, data engineering, and artificial intelligence/machine learning (AI/ML) capabilities.
Zopper stated that the funds would also accelerate growth in its bancassurance offerings and improve its post-sales and servicing capabilities for its device and appliance protection businesses.
Zopper co-founder and CEO Surjendu Kuila noted that the company’s focus is on creating tailored insurance 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." He added that Zopper aims to enhance customer journeys to strengthen financial protection.
Founded in 2011, Zopper collaborates with insurance providers to develop integrated insurance solutions for distribution partners through its software-as-a-service (SaaS) platform.
The company’s co-founder and COO, Mayank Gupta, explained that their approach leverages existing infrastructure to streamline processes using technology rather than building systems from scratch.
"We are here to transform and automate the insurance distribution model in India," he said.
Zopper currently partners with 40 insurance companies and over 2,500 ecosystem players. Its platform is equipped with more than 1,000 APIs, enabling integration and scalability for its partners.
Elevation Capital partner Mridul Arora commented on Zopper’s role in advancing India’s insurance industry.
“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,” Arora said.
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