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September 20, 2022

Indian insurtech Zopper raises $75m in Series C funding

Indian insurance technology startup Zopper has raised $75m in a Series C funding round led by Creaegis. 

ICICI Venture and Bessemer Venture Partners also joined the round along with existing investor, Blume Ventures. 

Zopper will use the proceeds to strengthen its SaaS platform and data analytics capabilities, build a data engineering team, support business development, fund inorganic growth and explore opportunities in the global market. 

By the end of this fiscal year, the startup plans to increase its headcount to more than 600 from the current 475, Economic Times reported. 

Most of the hiring will be in the technology, data science and data engineering domain. 

Founded in 2011, Zopper operates as an embedded insurtech platform, which enables B2B and B2C clients to offer insurance products. 

It also provides end-to-end technology and service offerings to insurers.

Solvy Tech Solutions, which runs Zopper, had raised $20m in May 2015 from Tiger Global and Nirvana Ventures Advisors.

Speaking to the publication, Zopper co-founder and CEO Surjendu Kuila said: “We have been able to sustain ourselves and have raised capital after seven years. The reason behind raising capital now was that we wanted to grow significantly and realised that there was a large land-grab opportunity for us, in the space, we operate in.”

The startup is now looking for acquisitions in the insurance claims and distribution lines of business. In the next one year, Zopper plans to make two new acquisitions to boost its margins. 

“We will look at acquisitions which will help our core business in two ways. First is to help create a basket or bouquet of insurance products which will help increase our margins. Second is onboarding interesting platforms to make our technology stack more frictionless,” Kuila told ET. 

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