New Delhi-based InsurTech Zopper raises $75m

new-delhi-based-insurtech-zopper-raises-75m

New Delhi-based InsurTech company Zopper has reportedly raised $75m in its Series C funding round.

Creaegis served as the lead investor, according to a report from TechCrunch. Other contributions came from ICICI Venture and Bessemer Venture Partners, as well as existing backer Blume Ventures.

Zopper will use the capital to scale its team and acquire smaller startups.

The InsurTech company has built an insurance infrastructure API platform that is democratising access to insurance distribution.

It claims to enable every B2C company to distribute insurance, from curating tailored insurance plans for clients and their customers to providing the right APIs. Currently, it supports motor, lifestyle, health, life and marine insurance, among others.

Zopper has presence in over 1,200 Indian cities and is partnered with over 150 companies, including Ola, Croma, Xiaomi, Hitachi and others.

The company is looking to hold its initial public offering in around five years, but only when its revenue nears $1bn.  

Creaegis managing partner Prakash Parthasarathy told TechCrunch, “We truly believe in Zopper’s vision of transforming and automating the insurance distribution model in India. Over the years, they have demonstrated their tech and product innovation value to their ecosystem partners and insurers.”

“All this has been achieved in a very capital efficient manner and our investment will help its accomplished management team led by Surjendu [Kuila] and Mayank [Gupta] to scale and improve access to a wider customer base.”

Zopper has raised a total of $96m in funding, to date.

Another Indian FinTech to recently raise funds was EarlySalary. The company raised $110m for its Series D, which was led by TPG’s The Rise Fund and Norwest Venture Partners.

The lending FinTech provides financial solutions of up to INR 50,000 ($628) to working professionals.

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