Business

Insurtech startup Zopper raises $75 million in its Series C funding round led by Creaegis

Zopper aims to utilize fresh funds in cutting-edge technology, business development initiatives, and inorganic growth

September 20, 2022

Zopper aims to utilize fresh funds in cutting-edge technology, business development initiatives, and inorganic growth

Zooper aims $500 million GWP by March 2024

Insurtech platform Zopper on Tuesday said it had raised $75 million in its Series C funding, led by Creaegis with participation from ICICI Venture and Bessemer Venture Partners. Zooper said it aims to achieve an annualized Gross Written Premium (GWP) of $500 million by March 2024.

The startup aims to utilize fresh funds in cutting-edge technology, business development initiatives, inorganic growth through merger and acquisition (M&A), and global expansion.

“Zopper is bringing the partners and insurers together and spearheading a profound transformation in insurance distribution. We have exponentially grown in the last four years, and will continue to grow at a significant pace in the years to come,” said Surjendu Kuila, Co-Founder and CEO.

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, said the platform.

The fresh capital will allow Zopper to bolster further its software-as-a-service (SaaS) platform and data analytics capabilities, build a next-generation data engineering team, and fuel business development initiatives.

Established in 2011, Zopper has more than 150 ecosystem partners, like Amazon, Ola, Xiaomi, Croma, Hitachi, Equitas Small Finance Bank, Chaitanya, and more, and has a presence in over 1,200 cities.

“We believe in Zopper’s vision of transforming and automating the insurance distribution model in India,” said Prakash Parthasarathy, Managing Partner, Creaegis. Gagandeep S Chhina, Director-Private Equity, ICICI Venture, added that Zopper is well positioned to capture the long-term growth opportunity.

[With Inputs from IANS]

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