Zopper collaborates with insurance providers to offer byte-sized integrated insurance solutions for partners through customised APIs on its SaaS platform. Credit: Funtap / Shutterstock.

Indian insurtech startup Zopper has raised $25m in a Series D funding round, Business Standard reported.

The investment was led by Elevation Capital and Dharana Capital, with participation from existing investor Blume Ventures.

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Elevation Capital partner Mridul Arora said: “As Zopper continues its journey towards fulfilling India’s ambitious ‘Insurance for All’ vision by 2047, we are excited to support their transformative contributions as they redefine benchmarks in the insurance sector.”

The funding will be directed towards enhancing Zopper’s data science, data engineering, and AI and machine learning (AI/ML) capabilities.

It aims to fuel growth in the company’s bancassurance offerings and improve post-sales and servicing for its device and appliance protection businesses.

In 2022, Zopper raised $75m in a Series C round led by Creaegis, with ICICI Venture, Bessemer Venture Partners, and Blume Ventures also contributing.  

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Previously, in May 2015, Solvy Tech Solutions, which operates Zopper, secured $20m from Tiger Global and Nirvana Ventures Advisors. 

Zopper CEO and co-founder Surjendu Kuila said: “We take pride that we are the only insurtech company that works with insurance providers and creates byte-sized, personalised products that it then supplies to distribution partners. 

“With the trust of our partners, we are constantly building and working efficiently in transforming seamless journeys for customers to safeguard their future finances and increase financial protection.”  

Zopper COO and co-founder Mayank Gupta said: “Our thesis from the early days has been clear. There’s already an infrastructure, somebody has poured capital expenditure to build that infrastructure. So why don’t we then use technology to streamline that instead of creating everything from scratch?

“We are here to transform and automate the insurance distribution model in India, effectively, strategically and keeping customers in mind.”

Established in 2011, Zopper collaborates with insurance providers to offer byte-sized integrated insurance solutions for partners through customised APIs on its SaaS platform.