Insurtech firm Zopper raises $25 million in Series D funding round

Insurtech platform Zopper on Thursday announced it has raised $25 million (around Rs 211 crore) in Series D funding round, co-led by Elevation Capital and Dharana Capital.

The round also saw participation from existing investor Blume Ventures, said Zopper which is also backed by Creaegis, Bessemer Venture Partners and ICICI Venture.

"Zopper will use this fresh funding to ramp up its digital technology infrastructure, by strengthening its insurance distribution platform. The company will also invest in its data science, data engineering, artificial intelligence and machine learning capabilities," it said.

The funds will also accelerate growth in the current bancassurance solutions and enhance the post-sales and servicing capabilities of the company's device and appliance protection businesses, Zopper said.

"We take pride that we are the only insurtech company that works with insurance providers and creates byte-sized, personalised products that it then supplies to distribution partners," Surjendu Kuila, Co-founder and CEO, said.

The company has currently partnered with 40 insurance companies and 2,500-plus ecosystem players.

Zopper said its insurtech platform, equipped with over 1,000 APIs, aims to transform the insurtech ecosystem in India.

"Zopper will continue its focus on new product development and enhanced customer experiences with an aim to augment the overall technology stack," it added.

Currently, the company provides contextual products tailored for customers, across the insurance spectrum in India, embedding products into the existing digital platforms of the ecosystem players.