Insurtech firm Zopper raises $25 Mn led by Elevation, Dharana and Blume

Insurance infrastructure API platform Zopper has secured $25 million in a Series D funding round led by Elevation Capital, Dharana Capital, and Blume Ventures. The fresh proceeds have come for the Noida-based company after a gap of over two years.

In September 2022, Zopper 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 firm has raised more than $115 million to date, according to Entrackr’s research.

The new funds will be utilized to enhance Zopper’s digital infrastructure, focusing on strengthening its insurance distribution platform, the company said in a press release. The investment will also support the growth of its bancassurance solutions and improve post-sales and service operations for its device and appliance protection segments.

The 13-year-old Zopper helps companies offer various insurance products and provides end-to-end technology and service offerings to insurers. It claims to have partnered with 40 insurance companies and more than 2,500 ecosystem players.

Zopper initially operated as a customer-focused PoS system for retailers and SMBs until its acquisition by Walmart-owned PhonePe in July 2018. Following the sale, co-founders Surkendu Kulia and Mayank Gupta pivoted Zopper into a SaaS platform enabling consumer internet companies to distribute insurance products.

While the company did not comment on financial numbers, it registered Rs 187.28 crore in revenue with a Rs 13.95 crore loss in FY23.

As of the Series C round, Tiger Global had a 28.39% stake in the company, followed by Nirvana Digital with 16%, according to startup data intelligence platform TheKredible.