Insurtech platform Zopper raises $75 mn, plans global expansion

New Delhi: Insurtech platform Zopper on Tuesday said it has raised $75 million in its Series C funding, led by Creaegis with participation from ICICI Venture and Bessemer Venture Partners.

The startup aims to utilise fresh funds in cutting-edge technology, business development initiatives, inorganic growth through merger and acquisition (M&A) and global expansion.

Zooper said it aims to achieve an annualised Gross Written Premium (GWP) of $500 million by March 2024.

"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 four years, and will continue to grow at a significant pace in the years to come," said Surjendu Kuila, Co-Founder and CEO.

Existing investor, Blume Ventures also participated in the round.

Tiger Global, currently invested in the company, will continue to extend its support for future growth, said the platform.

The fresh capital will allow Zopper to further bolster its software-as-a-service (SaaS) platform and data analytics capabilities, build a next generation data engineering team and fuel business development initiatives.

Established in 2011, Zopper has more than 150 ecosystem partners, like Amazon, Ola, Xiaomi, Croma, Hitachi, Equitas Small Finance Bank, Chaitanya, and more, and has presence in over 1,200 cities.

"We believe in Zopper's vision of transforming and automating the insurance distribution model in India," said Prakash Parthasarathy, Managing Partner, Creaegis.

Gagandeep S Chhina, Director-Private Equity, ICICI Venture, added that Zopper is well positioned to capture the long-term growth opportunity.