Zopper, a Noida, India-based SaaS Insurtech firm that offers corporate, motor, life, and health insurance through its SaaS platforms, announced that it raised $75 million in its series C funding.
Bengaluru-based venture capital firm Creaegis led the round with participation from ICICI Venture and Bessemer Venture Partners. Existing investor Blume Ventures also participated in the round.
The company plans to develop its SaaS platform with more hires in its data and research teams.
Zopper plans to use the fund raised to 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 funding comes almost eight years after its last round from Tiger Global in 2015, where it raised around $20 million. In fact, in 2018, payments company PhonePe bought the point-of-sale (PoS) business of Zopper, which then shifted its focus to insurance SaaS development.
"We aim to touch $500 million of gross premiums by 2024, and we are also very excited to get into partnerships to expand our operations in other geographies," said Surjendu Kuila, Co-Founder and CEO of Zopper to Moneycontrol, in an interaction. The firm is also planning to hire more than 200 employees, especially in the data engineering and software development teams, by the end of the next year."
Company: Solvy Tech Solutions Pvt. Ltd.
Round: Series C
Funding Month: September 2022
Lead Investors: Creaegis
Additional Investors: ICICI Venture, Bessemer Venture Partners, and Blume Ventures
Company Website: https://www.zopper.com/
Software Category: Embedded Insurtech platform
About the Company: Founded in 2011 by Surjendu Kuila, Neeraj Jain, and Mayank Gupta, Zopper is an embedded insurtech platform that aims to revolutionize insurance distribution via its SaaS platform, deep integration layer, and data analytics capabilities. Zopper currently has a presence in over 1,200 Indian cities and has partnered with over 150 players in the industry, including retail group Amazon, ride-hailing startup Ola, retail chain Croma, phonemaker Xiaomi, Japanese conglomerate Hitachi, and Equitas Small Finance Bank. Zopper helps B2B and B2C organizations to offer various insurance products and provides end-to-end technology and service offerings to insurers. The company offers corporate, motor, life, and health insurance through its SaaS platforms.