Zopper Raises $25 Million in Series D Funding to Enhance Digital Infrastructure and AI Capabilities
- ByStartupStory | November 22, 2024
Insurtech startup Zopper has successfully raised $25 million in its Series D funding round, led by Elevation Capital and Dharana Capital, with additional participation from existing investor Blume Ventures. Other backers of the company include Creaegis, Bessemer Venture Partners, and ICICI Venture.
The company intends to use the funds to enhance its digital technology infrastructure, particularly by strengthening its insurance distribution platform. In addition, Zopper plans to invest significantly in its data science, data engineering, and Artificial Intelligence/Machine Learning (AI/ML) capabilities. The fresh capital will also be directed towards accelerating the growth of its current bancassurance offerings and improving post-sales and servicing functions for its device and appliance protection businesses.
Surjendu Kuila, co-founder and CEO of Zopper, commented on the milestone, saying, “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 further added, “With trust of our partners, we are constantly building and working efficiently in transforming seamless journeys for customers to safeguard their future finances and increase financial protection.”
Founded in 2011 by Surjendu Kuila and Mayank Gupta, Zopper partners with insurance providers to create byte-sized, integrated insurance solutions for partners, leveraging customized APIs on its Software-as-a-Service (SaaS) platform. This approach allows Zopper to deliver tailored insurance solutions through its network of distribution partners.
Mayank Gupta, co-founder and COO of Zopper, explained the company’s core philosophy, stating, “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.” He further added, “We are here to transform and automate the insurance distribution model in India, effectively, strategically and keeping customers in mind.”
Zopper’s platform currently supports over 1,000 APIs and has established partnerships with 40 insurance companies and more than 2,500 ecosystem players. The company aims to reshape the insurance landscape in India and contribute to the nation’s “Insurance for All” vision by 2047.
Mridul Arora, Partner at Elevation Capital, highlighted the importance of Zopper’s journey, stating, “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.”
Zopper’s successful funding round is part of a broader resurgence in startup funding across India in 2024. According to market research firm Tracxn, Indian startup funding has increased by 10 percent year-on-year, reaching $9.78 billion, compared to $8.88 billion during the same period in 2023.
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