Noida-based insurtech startup Zopper raises $25 million in a Series D funding round

Noida-based insurtech startup Zopper has raised $25 million in a Series D funding round co-led by Elevation Capital and Dharana Capital, with participation from Blume Ventures, a returning investor.

The startup plans to utilize the funds to enhance its insurance distribution platform and bolster its artificial intelligence and data science capabilities.

The funding will also be directed toward human resource development and expanding post-sales services for its appliance protection business.

In its previous funding round in 2022, Zopper was valued at $101 million.

Broadening digital infrastructure

The $25 million funding will be allocated toward advancing Zopper’s technology infrastructure, particularly its API-based software that links insurers with third-party platforms.

This integration facilitates partnerships with banks, non-banking financial companies, retail chains, and mobility firms, enabling them to embed and distribute insurance products. By improving policy issuance and claims management processes, Zopper aims to strengthen customer engagement.

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”.

Investor comments

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”.

Zopper’s platform currently boasts partnerships with 40 insurance companies and over 2,500 ecosystem players. Its tech solutions are utilized by major firms to offer customized insurance products.