PremiumZopper said it will use the funds to bolster its SaaS platform and data analytics capabilities, build a next generation data engineering team, fuel business development initiatives, undertake inorganic growth and explore opportunities in the international market
Listen to this article |
NEW DELHI: Insurtech startup Zopper on Tuesday said it has raised $75 million in a Series C funding round led by Creaegis. The funding round also saw participation from ICICI Venture, Bessemer Venture Partners and existing investor Blume Ventures.
“Tiger Global, currently invested in the company, will continue to extend its support for future growth," the company said in its statement.
Founded in 2011, Zopper is an embedded insurtech platform that is enhancing insurance distribution via its SaaS platform, deep integration layer and data analytics capabilities. The company helps B2B and B2C organisations to offer insurance products and provides end-to-end technology and service offerings to insurance companies.
“Our deep understanding of technology, data and insurance products have given rise to the next generation SaaS enabled distribution platform. The Insurance industry is yet to witness usage of such tech-enabled products. Through this platform, Zopper is bringing the partners and insurers together and spearheading a profound transformation in the realm of insurance distribution. We have exponentially grown in the last 4-years, and will continue to grow at a significant pace in the years to come,“ said Surjendu Kuila, Co-Founder and CEO, Zopper.
Zopper said it will use the funds to bolster its SaaS platform and data analytics capabilities, build a next generation data engineering team, fuel business development initiatives, undertake inorganic growth and explore opportunities in international market. “The company aims to achieve an annualized Gross Written Premium (GWP) of USD 500 million by March 2024," Zopper said in its statement.
“This funding will support the company to fortify its position as a leader in the insurtech industry," said added Mayank Gupta, co-founder and COO, Zopper. “Zopper has the advantage of experience, scale, and efficiency. We partner with our distribution channels throughout the entire lifecycle of their insurance strategy – right from Product Solutioning and API-driven SaaS integrations to Sales Enablement and Claims Management."
Haitong Securities was the investment banker for the transaction.