Zopper, an Insurtech platform, today announced it has raised USD 25 million in Series D funding round, co-led by Elevation Capital and Dharana Capital. The round also saw participation from existing investor Blume Ventures. Zopper is also backed by Creaegis, Bessemer Venture Partners, ICICI Venture.
Zopper will use this fresh funding to ramp up its digital technology infrastructure, by strengthening its Insurance Distribution platform. The company will also invest in its data science, data engineering and artificial intelligence and machine learning capabilities. The funds will also accelerate growth in the current bancassurance solutions and enhance the post sales and servicing capabilities for Zopper’s device and appliance protection businesses.
Mayank Gupta, Co-Founder and COO added, “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. We are here to transform and automate the insurance distribution model in India, effectively, strategically and keeping customers in mind. We are mission-focused as a team. If we get this right, it will be transformational for the ecosystem and the country”.
Mridul Arora, Partner, Elevation Capital said, “We are thrilled to announce our partnership with Zopper in their latest round of investment. Their resilience and exceptional prowess in product creation, technology development, and sales have driven extraordinary growth, setting new industry standards. 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”.
Vamsi Duvvuri, Founder and Managing Partner, Dharana Capital said, “Zopper’s cutting-edge tech stack and customer-first approach have positioned them as a leader in the insurance ecosystem. We are excited to support their continued growth”.
