Zopper announced that it has raised $75 million in Series C funding round led by Creaegis, with participation from ICICI Venture and Bessemer Venture Partners, according to YourStory report.
Existing investor Blume Ventures also participated in the round. Tiger Global, currently invested in the company, will continue to extend its support for future growth.
Founded in 2011 by Surjendu Kuila and Mayank Gupta, Zopper is an embedded insurtech platform that aims to revolutionise insurance distribution via its SaaS platform, deep integration layer, and data analytics capabilities.
Zopper helps B2B and B2C organisations to offer various insurance products and provides end-to-end technology and service offerings to insurers. It has over 150 partners and 45 insurance companies using its API, and has a presence in over 1,200 cities.
“Zopper has the advantage of experience, scale, and efficiency. We partner with our distribution channels throughout the entire lifecycle of their insurance strategy—right from product solutioning and API-driven SaaS integrations to sales enablement and claims management. Our investors share a common vision, which is to build businesses on solid fundamentals, which aligns with the way we have built the company so far. 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.
Commenting on the funding, Prakash Parthasarathy, Managing Partner, Creaegis said, “We truly believe in Zopper’s vision of transforming and automating the insurance distribution model in India. Over the years, they have demonstrated their tech and product innovation value to their ecosystem partners and insurers.”
Gagandeep S Chhina, Director—Private Equity, ICICI Venture said, “Given ICICI Venture’s successful investment track record in the insurance sector, we think Zopper is well positioned to capture this long-term growth opportunity.”
Vishal Gupta, Partner, Bessemer Venture Partners said, “We are excited to back Surjendu and Mayank, in what we think will become the default API-led, SaaS distribution infrastructure platform for insurance companies to cross-sell relevant insurance products at the point-of-sale to the captive consumer base of the large and medium companies both online and offline.”
Haitong Securities was the investment banker for the transaction.
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