Insurtech platform Zopper Thursday said it has raised $25 million in its Series D funding round co-led by Elevation Capital and Dharana Capital.
The round also saw participation from existing investor Blume Ventures. Zopper is also backed by Creaegis, Bessemer Venture Partners, and ICICI Venture, the startup said in a statement.
Zopper will use the fresh funding proceeds to ramp up its digital technology infrastructure, by strengthening its insurance distribution platform. Besides, the company will also invest in its data science, data engineering, artificial intelligence, and machine learning capabilities.
The funds will also accelerate growth in the current bancassurance solutions and help enhance the post-sales and servicing capabilities for Zopper’s device and appliance protection businesses, the statement 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,” said Mayank Gupta, Co-Founder and COO of Zopper.
The company claims to have partnered with 40 insurance companies and 2500+ ecosystem players already. Its insurtech platform, equipped with over 1,000 APIs, aims to transform the insurtech ecosystem in India.
