announced that it has raised $75 million in Series C financing led by you are going to createwith the participation of ICICI Company Y Bessemer Venture Partners. existing investor Blume Companies also participated in the round.
world tigercurrently invested in the company, will continue to extend its support for future growth.
Founded in 2011 by Surjendu Kuila Y mayank guptaZopper is an integrated insurtech platform that aims to revolutionize insurance distribution through its SaaS platform, deep integration layer, and data analytics capabilities.
zopper help B2B and B2C organizations to offer various insurance products and provides end-to-end technology and service offerings to insurers. is over 150 partners Y 45 insurance companies using its API, and has a presence in more than 1200 cities.
The entire funding process took the Zopper team a year to fundraise.
On why investors invested in the startup despite the funding winter, Surjendu Kuila, co-founder and CEO, Zopper says Your history, “We have been able to build a business, which is fundamentally sound and has a positive economic drive. We are a profitable organization that has been operating profitably for the past two years. So it’s definitely one.”
He adds that the opportunity in the insurance space 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 solid foundations, which aligns with how we have built the company so far This financing will help the company strengthen its position as a leader in the insurtech industry,” added mayank guptaco-founder and COO of Zopper.
Use of funds and growth
the company has risen $96 million till the date. Surjendu shares that the company raised no funds from 2014 to now, and from 2011 to 2014, it raised about $21 million.
“Our solution will provide any ecosystem partner that has a captive customer base with a technology platform through which that ecosystem partner can seamlessly distribute insurance to their own customer base, that is the problem statement we are solving.” ”, says Surjendu.
The company plans to use the fresh capital to increase the size of its technology team from 75 to about 200expanding the data engineering team to further strengthen its SaaS platform and data analytics capabilities, drive business development initiatives, undertake inorganic growth, and explore international market opportunities.
Last year, the company closed about 350 crores GWP and two million policies were issued. So far this year, the company has issued 75 million rupees per month and hopes to close his books in 1,000 crores and four million policies issued.
“We have grown exponentially in the last four years and will continue to grow at a significant rate in the years to come,” says Surjendu.
Commenting on funding, Prakash Parthasarathymanaging partner, Creaegis said,
“We truly believe in Zopper’s vision to transform and automate the insurance distribution model in India. Over the years, they have proven their value of technological and product innovation to their ecosystem partners and insurers.”
Gagandeep S ChhinaDirector—Private Equity, ICICI Venture said,
“Given ICICI Venture’s successful track record of investing in the insurance sector, we believe Zopper is well positioned to take advantage of 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-based SaaS distribution infrastructure platform for insurance companies to cross-sell relevant insurance products at the point of sale to the consumer. captive consumer base of the market. large and medium-sized companies both online and offline.”
Haitong Securities was the investment banker for the transaction.