Zopper, an insurance infra API platform 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.
The company plans to use the fresh capital to increase its technology team size from 75 to close to 200, expanding the data engineering team to further bolster its SaaS platform and data analytics capabilities, fuel business development initiatives, undertake inorganic growth, and explore opportunities in the international market.
“Our solution will give any ecosystem partner who has a captive customer base, a technology platform through which that ecosystem partner can distribute insurance seamlessly to its own customer base, that is the problem statement that we are solving,” says Surjendu Kuila, Co-founder and CEO, Zopper said
Tiger Global, currently invested in the company, will continue to extend its support for future growth.
“We have been able to build a business, which is fundamentally solid and is unit economics positive. We are a profitable organisation running it profitably for the last couple of years. He also added that the opportunity in the insurance space is immense.
Zopper operates in 1200 Cities
“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 Mayank Gupta, Co-founder and COO, Zopper.
Founded in 2011 by Surjendu Kuila and Mayank Gupta, Zopper is an embedded insurtech platform that aims to revolutionise insurance distribution via its SaaS platform, deep integration layer, and data analytics capabilities.
Zopper helps B2B and B2C organisations to offer various insurance products and provides end-to-end technology and service offerings to insurers. It has over 150 partners and 45 insurance companies using its API, and has a presence in over 1,200 cities.
The complete funding process took the Zopper team a year to raise funds.