Tech start-up, Zopper, which enables B2B and B2C companies to offer insurance products, announced yesterday that it has raised $75 million in a Series C round of funding led by Creaegis with participation from ICICI Venture and Bessemer Venture Partners. Existing investor, Blume Ventures also participated in the round.
The Tiger Global-backed startup will use the fresh funds in upgrading its Software as a Service (SaaS) platform. According to the company’s co-founder and CEO, Surjendu Kuila, he and his team’s deep understanding of technology, data, and insurance products have given rise to this next-generation SaaS-enabled distribution platform.
“Through this platform, Zopper is bringing the partners and insurers together and spearheading a profound transformation in the realm of insurance distribution. We have grown exponentially in the last four years, and will continue to grow at a significant pace in the years to come,” said Kuila.
India is yet to witness the usage of such tech-enabled products and data analytics capabilities, he said. Additionally, the funds will also be used for building a next-generation data engineering team, fueling business development initiatives, and exploring opportunities in the international market.
Mayank Gupta, Zopper’s COO, also highlighted the vision of the company when he said, “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”,
Zopper, an insurance distribution platform, was started in 2011 by Kuila and Gupta. The company has over 150 partners, 45 companies using its API and is present in more than 1,200 cities.
The company did not reveal its valuation post the fundraise but added that it aims to achieve an annualized Gross Written Premium (GWP) of $500 million by March 2024.
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