Indian insurtech platform Zopper bags $75 million, plans international expansion

Zopper, an India-based insurtech platform managed by Solvy Tech Solutions, has raised $75 million in its new funding round led by Creaegis, to support its expansion plans focusing on Southeast Asia and the GCC region.  

• The fund will be used to back its international expansion plans, improve its technology stack and data engineering functions, and make strategic acquisitions, the platform claims.
• Surjendu Kuila, Zopper CEO says the fundraise is coming seven years after it last raised funds because the company plans to grow and further maximize opportunities in the insurtech space.  
• Founded in 2011, Zopper provides an application programming interface (API)-based software platform connecting insurers and banks with third-party platforms. These platforms can embed and distribute insurance products to their customers through Zopper's integration.
• Zopper's API platform offers policy insurance, policy administration, claim management, regulatory reporting, lead management, and campaign management system alongside other modules. It aims to increase its employee base to over 600 from 475 by the fiscal year-end. The addition will be across technology, data science, and data engineering.
• The insurtech company works with 150 partners among which are Equitas Small Finance Bank, Ola, Cars24, Cashe, Croma, Panasonic, Hitachi, and Xiaomi among others. It last raised $20 million in 2015 from Tiger Global and Nirvana Ventures Advisors.
• ICICI Venture, Bessemer Venture Partners, and Blume Ventures invested in the new funding round as Zopper now looks on to acquire businesses in insurance claims and distributions, to strengthen its insurance product stack and increase its margins and onboard platforms that will make its technology platform frictionless, Kuila claims.