announced that he had lifted $75 million in a Series C financing led by Creaegiswith the participation of Company ICICI and Bessemer Venture Partners. Existing investor Blume Ventures also participated in the tour.
world tigercurrently invested in the business, will continue to expand its support for future growth.
Founded in 2011 by Surjendu Kuila and Mayank GuptaZopper is an integrated insurtech platform that aims to revolutionize insurance distribution through its SaaS platform, deep integration layer, and data analytics capabilities.
Zopping helps B2B and B2C organizations to offer various insurance products and provide end-to-end technologies and services to insurers. It has more 150 partners and 45 insurance companies using its API, and is present in more than 1,200 cities.
The entire funding process took the Zopper team a year to raise funds.
Surjendu Kuila, Co-Founder and CEO, Zopper Explains Why Investors Invested in the Startup Despite Funding Winter Your story, “We’ve been able to build a business, which is fundamentally sound and has a positive unit economics. We are a profitable organization that has been running it profitably for a few years. So it definitely is.
He adds that the opportunity in the field of insurance is immense.
“Zopper has the advantage of experience, scale and efficiency. We partner with our distribution channels throughout the lifecycle of their insurance strategy, from product solution and API-driven SaaS integrations to sales enablement and claims management Our investors share a common vision, which is to build businesses on strong fundamentals, which is how we’ve built the “company so far. This funding will help the company strengthen its leadership position in the insurtech industry,” added Mayank GuptaCo-Founder and COO, Zopper.
The Zopper Team
Use of funds and growth
The company raised $96 million nowadays. Surjendu shares that the company hasn’t raised any funds from 2014 to present, and from 2011 to 2014 it raised about $21 million.
“Our solution will give any ecosystem partner that has a captive customer base a technology platform through which that ecosystem partner can seamlessly distribute insurance to their own customer base. problem we are solving,” says Surjendu.
The company plans to use the new capital to increase the size of its technology team from 75 to nearly 200expanding the data engineering team to further strengthen its SaaS platform and data analytics capabilities, fuel business development initiatives, undertake inorganic growth and explore opportunities in the international market.
Last year, the company closed approximately Rs 350 crore GWP and two million policies have been issued. This year so far, the company has issued Rs 75 crore per month and plans to close its books at Rs 1,000 crore and four million policies issued.
“We have grown exponentially over the past four years and will continue to grow at a significant rate in the years to come,” says Surjendu.
Commenting on funding, Prakash ParthasarathyManaging Partner, said Creaegis,
“We truly believe in Zopper’s vision to transform and automate the insurance distribution model in India. Over the years, they have demonstrated their technology and product innovation value to their ecosystem partners and insurers.
Gagandeep S ChhinaChief Private Equity Officer, ICICI Venture, said:
“Given ICICI Venture’s track record of successful investments in the insurance industry, we believe Zopper is well positioned to capture this long-term growth opportunity.”
Vishal GuptaPartner, Bessemer Venture Partners said,
“We are excited to support Surjendu and Mayank, in what we believe will become the default API-driven SaaS distribution infrastructure platform for insurance companies to sell relevant insurance products at the point of sale. to the captive consumer base of large and medium sized businesses both online and offline.
Haitong Securities was the investment banker for the transaction.