Insurtech platform Zopper on Thursday said it has raised $25 million in a Series D round led by Elevation Capital, Dharana Capital, and Blume Ventures.
The round adds Elevation Capital to the company’s captable which already includes Creaegis, Bessemer Venture Partners, ICICI Venture, Dharana Capital and Blume Venture.
The company, founded in 2011 by Surjendu Kuila and Mayank Gupta, will use the funds to ramp up its digital infrastructure, especially to strengthen its insurance distribution platform.
The funds will help grow Zopper’s bancassurance solutions and improve post-sales and service for its device and appliance protection businesses.
“Our thesis from the early days has been clear: There’s already an infrastructure, somebody has poured capital expenditure to build that infrastructure. So why don’t we then use technology to streamline that instead of creating everything from scratch. We are here to transform and automate the insurance distribution model in India, effectively, strategically and keeping customers in mind,” Mayank Gupta, Co-Founder and COO said in a press note.
It also plans to invest in data science, data engineering, artificial intelligence, and machine learning capabilities.
It has currently partnered with 40 insurance companies and 2500+ ecosystem players. Its insurtech platform is equipped with over 1,000 APIs and the company works with insurance providers to create suitable byte-sized integrated insurance solutions for partners.
