Also participating in the round were new investor ICICI Venture, Bessemer Venture Partner & Tiger Global, and existing investors Blume Ventures. Zopper will deploy fund to bolster its SaaS platforms & data analytics capabilities, build its data engineering teams, invest in business developments initiatives, & grow inorganically. Including the current fundraiser, Zopper has raised $96 million to date.
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Zopper Raises $75 Mn
Zopper, the Noida based insurtech startups, has raised $75 millions in its Series C funding round led by Creaegis. The equity funding round also saw participations from ICICI Venture, Bessemer Venture Partners and Tiger Global, and existing investor Blume Ventures.
Zopper, which operate an insurance focused SaaS platforms, is a decade old startups founded by Surjendu Kuila & Mayank Gupta. It primarily provides end to end technology solution to insurers & also helps business to business & business to consumer organization sell various types of insurance products.
Basically, Zopper allow ecosystems partner large & small that have a captive customer base to sell insurance policies to their customers base.
Zopper plan to deploy the fresh capital to bolster its SaaS platforms & data analytics capabilities, build its data engineering teams, invest in business developments initiatives, & grow inorganically through mergers and acquisition. The startup will also deploy funds to expand its geographic presence around the world.
Sharing its data utilization plans, Zopper co founder Kuila said the startups aims to offer its customer interesting insurance product and customer insights based on their data.
We want to help our customer base by bringing together another couple of products for their customer base. With this, we get a better share of our clients’ portfolio, which means another 10% to 15% increase in their bottom line, said Kuila.
Speaking about its acquisition plan, Zopper said it will acquire some early stage tech startups working in the insurance sector in the coming quarters.
Business model
Explaining the startup business models, Kuila said that Zopper integrates with insurance companies on one hand and connects with ecosystem partners on the others.
You offer your customer customers relevant insurance product and charge your customers a fee for the sale of the product. Your income depends on several factors and varies from one insurance product to another.
Kuila said the startup got a boost amid the Covid 19 pandemic as people realized the importance of having health and life insurance. The COVID pandemic acted as a silver lining for the insurance industry as people began to take life & health more seriously than before. People also started reaching out to platform that sold digital insurance policies.