Insurtech startup Zopper raises $75M in a Series C round

Noida-based insurtech startup Zopper has raised $75 million in a Series C funding round led by Creaegis, with participation from ICICI Venture, Bessemer Venture Partners, and existing investor Blume Ventures.

Zopper was founded in 2011 by Surjendu Kuila and Mayank Gupta. The startup operates an embedded insurtech platform that aims to revolutionise insurance distribution via its SaaS platform, deep integration layer, and data analytics capabilities.

It helps B2B and B2C companies to offer various insurance products and provides end-to-end technology and service offerings to insurers. 

With this round of funding, Zopper plans to use the raised capital to scale its tech team from 75 to close to 200, expanding the data engineering team to bolster its SaaS platform data analytics capabilities, fuel business development initiatives, undertake inorganic growth and explore the international market. 

It claims to have over 150 partners, including Ola, Cars24, and Cashe, with a presence in over 1,200 cities and plans to achieve an annualised Gross Written Premium (GWP) of $500 million by FY24.

Speaking on the investment, Prakash Parthasarathy, Managing Partner, Creaegis, said, “We truly believe in Zopper’s vision of transforming and automating the insurance distribution model in India. Over the years, they have demonstrated their tech and product innovation value to their ecosystem partners and insurers.”

Vishal Gupta, Partner, Bessemer Venture Partners, said, “We are excited to back Surjendu and Mayank, in what we think will become the default API-led, SaaS distribution infrastructure platform for insurance companies to cross-sell relevant insurance products at the point-of-sale to the captive consumer base of the large and medium companies both online and offline.”

According to Kuila, Zopper has been profitable for the last 18 months and clocked Rs 70 crore in revenue in FY22 while processing Rs 340 crore of gross written premium.

The startup expects to reach a revenue of Rs 200 crore by the end of FY23 and looks to process Rs 1,000 crore of gross written premium by the end of the current fiscal.

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