● One of the largest funding rounds in the insurtech space in Asia till date
● Plans to utilize funds for investing in cutting-edge technology, business development initiatives, inorganic growth through M&A, and international expansion
Bangalore, September 20, 2022: Zopper, one of the leading insurtech startups, today announced that it has raised $75 million in Series C funding, led by Creaegis with participation from ICICI Venture* and Bessemer Venture Partners. 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. The investment in Zopper, is one of the largest funding rounds in the insurtech space in Asia till date.
The fresh capital will allow Zopper to further bolster its SaaS platform and data analytics capabilities, build a next generation data engineering team, fuel business development initiatives, undertake inorganic growth and explore opportunities in the international market. The company aims to achieve an annualized Gross Written Premium (GWP) of USD 500 million by March 2024.
Zopper, established in 2011, is India’s largest embedded insurtech platform that aims to revolutionize insurance distribution via its SaaS platform, deep integration layer and data analytics capabilities. With 150+ partners and presence in over 1200+ cities, Zopper helps B2B and B2C organizations to offer various insurance products and provides end-to-end technology and service offerings to insurers.
Commenting on the announcement, Mr. Surjendu Kuila, Co-Founder and CEO, Zopper said, “Our deep understanding of Technology, Data and Insurance Products have given rise to the next generation SaaS enabled distribution platform. The Insurance industry is yet to witness usage of such tech-enabled products. Through this platform, Zopper is bringing the partners and insurers together and spearheading a profound transformation in the realm of insurance distribution. We have exponentially grown in the last 4-years, and will continue to grow at a significant pace in the years to come”
“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 Mr. Mayank Gupta, Co-Founder and COO, Zopper.
Commenting on funding, Mr. 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. All this has been achieved in a very capital efficient manner and our investment will help its accomplished management team led by Surjendu and Mayank to scale and improve access to a wider customer base. We are privileged to be their partner and we are committed to support their journey given our experience in this space.”
Mr. Gagandeep S Chhina, Director – Private Equity, ICICI Venture said “We believe that technology will play an important role in improving distribution efficiency and increasing penetration of insurance and assurance products. 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. We are excited to support the management team’s vision to establish Zopper as a leading Insurtech player with its scalable technology, multiple insurer tie-ups and partnerships with distribution channels across sectors”
Mr. 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. We have known this team for a decade and have been really impressed by their tenacity and what they have achieved in a relative short period over the last two years”
Haitong Securities was the investment banker for the transaction.