SUMMARY
- Zopper raised $25M in Series D, led by Elevation, Dharana, and Blume Ventures.
- Funds will enhance tech stack, device protection, AI, cloud computing, and post-sale services.
- Present in 1,200+ cities, revenue from ecosystem partners, insurers, and policy commissions.
Insurtech firm Zopper has raised $25 million (about ₹211.2 crore) in a Series D fundraising round. The round was headed by Elevation Capital and Dharana Capital, with the participation of Blume Ventures.
With the fresh capital the business intends to fortify its whole technology stack, including the platform for distributing insurance, with the new capital.
As per a statement from the company, a portion of the revenues will be used to improve Zopper’s device and appliance protection business’s post-sale and maintenance capabilities. A portion of the funds has also been set aside for investments in machine learning, cloud computing, artificial intelligence, and data science.
Surjendu Kuila and Mayank Gupta founded Zopper in 2011 as an embedded platform for insurance sales. Its own embedded insurance API suite enables large insurance companies to connect with ecosystem partners such as ecommerce platforms. Zopper, which is present under 1,200 cities over India, generates revenue from ecosystem partners and insurance companies. It charges insurers a brokerage fee for distributing products to an ecosystem partner.
The platform can be used by ecosystem partners to handle issues pertaining to claims, endorsements, and post-sales, among other things. Each policy that passes through this specific conduit generates revenue for Zopper.
Zopper has raised over $100 million, including $75 million in 2022. Its revenue grew 3.2X to ₹35 crore in FY21, targeting $500M GWP by FY24 with 50-60% CAGR. Revenue comes from motor (40%), devices (30%), health (20%), and life (10%) insurance.
