Zopper Raises $75 Million In Series C Funding
The fund raised 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
Zopper, an insurtech startup, has raised $75 million in Series C funding, led by Creaegis along with ICICI Venture and Bessemer Venture Partners. The round also saw participation from existing investor, Blume Ventures and Tiger Global. The fund raised 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.
"Our deep understanding of technology, data and insurance products has 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," said Surjendu Kuila, co-founder and CEO, Zopper.
Zopper aims to revolutionize insurance distribution via its SaaS platform, deep integration layer and data analytics capabilities. With more than 150 partners and presence in over 1200 cities, the company aims to achieve an annualized gross written premium (GWP) of $500 million by March 2024, claimed by the company in a statement.
"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," said Gagandeep S Chhina, director - private equity, ICICI Venture.
Founded in 2011, Zopper is an embedded insurtech platform that aims to democratize access to insurance distribution via its SaaS platform.