Insurtech startup Zopper raises $75M in Series C . funding round
announced that it raised $75 million In the Series C financing led by craigsshared by ICICI . project And the Bessemer Venture Partners. current investor Bloom Ventures He also participated in the tour.
Tiger Globalcurrently invested in the company, will continue to provide its support for future growth.
Founded in 2011 by Surjendu Kuila And the Mayank GuptaZopper is an embedded technology platform that aims to revolutionize security distribution across the SaaS platform, deep integration layer, and data analytics capabilities.
Zopper helps B2B and B2C organizations To provide various insurance products and to provide technology offerings and comprehensive services to insurance companies. it’s over 150 partners And the 45 insurance companies Using its own API, and has a presence in more than 1200 cities.
The entire funding process took the Zopper team annually to raise the funds.
On why investors are investing in the startup despite the funding winter, Surjendu Kuila, Co-Founder and CEO, Zopper says: your story, “We have been able to build a company that is fundamentally strong and is considered positive in unit economics. We are a profitable organization that we have been profitably running for the past two years. So this is definitely one.”
He adds that the opportunity in the field of insurance is enormous.
“Zopper has the edge of expertise, scale and competence. We partner with our distribution channels throughout the entire lifecycle of their insurance strategy – from product solution and API-based SaaS integration to sales enablement and claims management. Our investors share a common element The vision is to build The business is on solid foundations in line with the way we have built the company thus far. This funding will support the company to cement its position as a leader in the insurance technology industry.” Mayank GuptaCo-founder and COO, Zopper.
Use money and grow
The company raised $96 million Even today. Surgendo said the company has not raised any money from 2014 so far, 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 on which the ecosystem partner can seamlessly distribute insurance to their customer base, and that is the problem statement we are solving,” Surjendu says.
The company plans to use the new capital to increase the size of its technology team from 75 to approximately 200Expand the data engineering team to enhance the SaaS platform and data analytics capabilities, support business development initiatives, undertake inorganic growth, and explore opportunities in the international market.
Last year, the company closed about 350 crore rupees GWP and 2 million Policies have been issued. This year, so far, the company released 75 crores per month It expects to close its books in 1000 crore rupees Four million policies issued.
“We have had tremendous growth in the past four years, and we will continue to grow at a significant pace in the coming years,” Surjendu says.
Commenting on financing, Prakash ParthasarathyManaging Partner, Craigs said,
“We truly believe in Zopper’s vision to transform and automate the insurance distribution model in India. Over the years, they have demonstrated the value of their technology innovations and products to their partners and insurers in the ecosystem.”
Gagandeep S ChhinaDirector – Private Equity, ICICI Venture said,
“Given ICICI Venture’s successful investment track record in the insurance sector, we believe Zopper is well positioned to seize this long-term growth opportunity.”
Vishal GuptaThe partner, Bessemer Venture Partners, said,
“We are excited to support Surjendu and Mayank, in what we believe will become the API-led virtual SaaS distribution infrastructure platform for insurers to sell relevant insurance products at the point of sale to the captive consumer base of large and mid-sized companies both online and offline.”
Haitong Securities was the investment banker for the deal.