Technology startup Zopper, which helps B2B and B2C companies provide insurance products, announced yesterday that it has raised $75 million in Series C funding led by Creaegis with participation from 'ICICI Venture and Bessemer Venture Partners. Existing investor Blume Ventures also participated in the round. The Tiger Global-backed startup will use the new funding to boost its Software as a Service (SaaS) platform. According to the company's CEO and CEO, Surjendu Kuila, his and his team's deep understanding of technology, data and insurance products has enabled the next generation of SaaS delivery systems. "Through this platform, Zopper is bringing together partners and insurers and bringing about a big change in the insurance distribution sector. We have grown significantly in the last four years and we will continue to grow grow significantly in the coming years," said Kuila. India is yet to see the use of such technology products and data analytics capabilities, he said. In addition, the funding will be used to build an up-and-coming data engineering team, business development initiatives, and explore opportunities in international markets. Mayank Gupta, COO of Zopper, also highlighted the company's vision when he said, "Our investors share the same vision, which is to create a business with a strong foundation, which is how we build the company to now. This funding will help the company strengthen its position in the insurtech industry,"

Zopper, an insurance distribution platform, was started by Kuila and Gupta in 2011. The company has more than 150 partners, 45 companies use its API and is currently available in more than 1,200 countries.

The company did not disclose the price after receiving the funding, but added that it aims to achieve annual gross profit (GWP) of $500 by March 2024.
Source: BusinessToday