Noida-based insurtech firm Zopper has bagged $25 million in Series D funding from Elevation Capital, Dharana Capital, and Blume Ventures. According to reports, this funding marks a major milestone for Zopper as the previous funding round took place over two years ago. The company plans on deploying the fresh capital to strengthen its digital infrastructure as well as boost its insurance distribution platform.
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Growth and Funding History
This latest investment is an offshoot of its earlier funding, where in September 2022, it had also raised a whopping $75 million as part of its Series C funding. The said round had participation from major players like Creaegis, ICICI Venture, Bessemer Venture Partners, Tiger Global, and Blume Ventures. So far, Zopper has raised over $115 million, which speaks volumes about its prime position and attracts investors for the still-emerging sector of insurtech.
Strategic Focus and Expansion
This money will go into strengthening Zopper’s digital capabilities, especially on its insurance distribution platform. The company has stated its commitment to the development of its bancassurance solutions, which combine banking and insurance services into a seamless experience for the customers, and to expanding the business’ after-sales and services departments pertaining to its device and appliance protection segments.
Zopper is an insurance infrastructure API platform that offers a comprehensive technology and service offering for many companies to provide a wide array of insurance products. The company has partnered with 40 insurance companies and more than 2,500 other ecosystem players. That puts the company in a prime position within the Indian insurtech market.
History of Zopper
Founded in 2011, Zopper initially focused on providing a point-of-sale (PoS) system for retailers and small to medium-sized businesses. However, after being acquired by Walmart-owned PhonePe in July 2018, the co-founders Surkendu Kulia and Mayank Gupta pivoted the company’s focus towards a SaaS platform. This new direction allows consumer internet companies to distribute insurance products more effectively, tapping into the growing demand for digital insurance solutions.
Financial Performance and Market Position
During the recent funding round, Zopper did not reveal such key financial metrics. However, it mentioned revenues of ₹187.28 crore and loss of ₹13.95 crores for the fiscal year 2023. The company’s financial trajectory suggests a capability of generating solid revenues but reveals significant challenges that come with the scaling of operations in a competitive market.
In the last round of funding, the prominent investors were Tiger Global, which had a 28.39% stake, and Nirvana Digital, with a 16% stake, data available on TheKredible’s platform, for startup intelligence.
Such diversified ownership reflects broad interest in Zopper’s innovative approach to insurtech and opportunities for further growth.
In conclusion, Zopper’s $25 million Series D funding marks an important milestone in its ongoing quest to revolutionize insurance distribution and improve the overall customer experience in the insurtech space. With a plan to invest in technology and expansion of service offerings, the company is well poised to seize opportunities expanding digitally for insurance solutions in India.
