Insurtech startup Zopper raises $75 million in series C funding led by Creaegis

• ByStartupStory     |    September 20, 2022

Creaegis led a $75 million series C funding round for insuretech company Zopper, which included investments from ICICI Venture and Bessemer Venture Partners.

Surjendu Kuila, co-founder and CEO of Zopper, recently stated that the company had received capital to accelerate its expansion.

Zopper has assisted small and medium-sized companies with their point-of-sale systems and billing and payment processing for over five years. Midway through 2018, Zopper sold that IP to financial behemoth PhonePe, but since then, the company has been working on a brand-new initiative on its own, apart from PhonePe.

Zopper, a company that has been around for eleven years, has so far brought in $96 million. No information on the value at which the round was closed was provided.

Zopper collaborates with healthcare practitioners to develop bite-sized, individualized goods, which it then provides to distribution partners. Zopper stands apart from its Indian rivals by taking a different tack than those companies that also aggregate coverages from several manufacturers to bypass distributors and sell straight to end users.

“If you look at the penetration of insurance in India today, it’s just 3 to 4%,” said Surjendu Kuila, founder and chief executive of Zopper, in an interview. “If you’re trying to bring new people to the fold of insurance, you just cannot sell them schemes that are priced above $37 to $50 a year.”

“Data generated from all our partnerships will enable us to grab a higher share of wallet from customers and. In turn, help the client make an additional ten to fifteen per cent bonus on top of what they currently rake in,” said Kuila.

Zopper, whose last funding round took place eight years ago in 2014, is also looking to expand to other geographies, amid rising demand from global players to use their platform. “We are looking to deploy our products in a couple of other geographies in this fiscal year or the first quarter of the next fiscal year,” said Kuila.

Zopper is working to address the problems of insurance companies by forming strategic alliances with organizations including banks, non-banking financial institutions, retail chains, and mobility enterprises that have established, captive consumer bases.

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