Insurtech startup Zopper has raised $25 million in a Series D funding round led by Elevation Capital and Dharana Capital. The round also saw participation from existing investor Blume Ventures and other backers, including Creaegis, Bessemer Venture Partners, and ICICI Venture.
Zopper plans to utilize the funding to strengthen its digital technology infrastructure, with a particular focus on enhancing its insurance distribution platform. A significant portion of the funds will be invested in developing its data science and Artificial Intelligence/Machine Learning (AI/ML) capabilities. The company also aims to accelerate its bancassurance offerings while improving post-sales and servicing functions for its device and appliance protection businesses.
Co-founder and CEO Surjendu Kuila highlighted Zopper’s approach to insurtech, emphasizing the company’s role as a connector between insurance providers and distribution partners. He stated, “We are the only insurtech company that works with insurance providers to create byte-sized, personalized products that we supply to distribution partners.” He added that Zopper is committed to building efficient, seamless customer journeys that enhance financial protection.
Founded in 2011 by Surjendu Kuila and Mayank Gupta, Zopper specializes in creating integrated insurance solutions for partners using a Software-as-a-Service (SaaS) platform. By leveraging customized APIs, the company delivers tailored insurance products through its network of distribution partners. The platform currently supports over 1,000 APIs and has partnerships with 40 insurance companies and more than 2,500 ecosystem players.
Mayank Gupta, co-founder and COO, explained the company’s philosophy, saying, “Our thesis has always been clear: instead of building everything from scratch, we use technology to streamline existing infrastructure.” He added that Zopper aims to transform and automate India’s insurance distribution model with a strategic and customer-centric approach.
Zopper aligns its mission with India’s national vision of “Insurance for All” by 2047. Mridul Arora, Partner at Elevation Capital, praised the company’s progress, stating, “As Zopper continues its journey towards fulfilling India’s ambitious ‘Insurance for All’ vision, we are excited to support their transformative contributions as they redefine benchmarks in the insurance sector.”
The funding comes amidst a resurgence in India’s startup ecosystem. According to Tracxn, startup funding in India has grown by 10% year-on-year, reaching $9.78 billion in 2024, compared to $8.88 billion during the same period in 2023. Zopper’s success reflects the increasing investor confidence in innovative and scalable solutions within the insurance industry.
This latest round of funding positions Zopper to further its mission of reshaping India’s insurance landscape through technology and strategic collaboration.
