Insurance infrastructure API platform Zopper has raised $75 million in a Series C round led by Creaegis with participation from ICICI Venture, Bessemer Venture Partners, Tiger Global and Blume Ventures. The fresh funding has come after a gap of seven years for the Noida-based company.
Zopper will use proceeds from this round to develop its SaaS platform, strengthen data analytics capabilities, hire tech talent, inorganic growth (via M&A) and test global markets, the company said in a press statement.
Founded in 2011, Zopper used to be a customer-focused point of sale (PoS) system for retailers and small and medium businesses. This business was acquired by Walmart-owned PhonePe in July 2018. After selling their original business, the company’s co-founders Surkendu Kulia and Mayank Gupta started a new business under the same brand name which enables consumer internet companies to distribute insurance products via its SaaS platform.
As of now, the company has raised over $90 million including a $20 million Series B round from Tiger Global and Nirvana Ventures Advisors in June 2015.
Zopper helps companies offer various insurance products and provides end-to-end technology and service offerings to insurers. According to the company, it plans to achieve an annualized Gross Written Premium (GWP) of $500 million by FY24 and claims to have over 150 partners with a presence in over 1,200 cities.
Zopper is yet to disclose its financial numbers for FY22 but its operating revenue in FY21 shot up 3.2X to Rs 35 crore from Rs 10.96 crore in FY20, as per annual financial statements filed with the Registrar of Companies (RoC). Meanwhile, the company managed to control its losses by 63% to Rs 6.96 crore during FY21 as compared to Rs 18.87 crore in the previous fiscal year (FY20).
