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Insurtech platform Zopper raises M in Series D funding
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Insurtech platform Zopper raises $25M in Series D funding

Insurtech platform Zopper announced Thursday that 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 capital which already includes Creaegis, Bessemer Venture Partners, ICICI Venture, Dharana Capital and Blume Venture.

The company, based in 2011 by Surjendu Kuila and Mayank Gupta, will use the funds to develop its digital infrastructure, particularly to strengthen its insurance distribution platform.

The funds will help expand Zopper’s bancassurance solutions and improve after-sales and service for its device and device protection businesses.

“From the beginning, our thesis was clear: there is already infrastructure, someone has invested capital expenditure to build this infrastructure. So why not use technology to streamline all of this instead of creating everything from scratch. We are here to transform and automate the insurance distribution model in India, efficiently, strategically and with customers in mind,” said Mayank Gupta, co-founder and COO in a press note.

It also plans to invest in data science, data engineering, artificial intelligence and machine learning capabilities.

It is currently in partnership with 40 insurance companies and more than 2,500 ecosystem players. Its insurtech platform is equipped with more than 1,000 APIs and the company works with insurers to create integrated insurance solutions tailored to the size of a byte for partners.