Insurance infrastructure API platform Zopper has successfully raised $25 million in its Series D funding round. The round was led by Elevation Capital, Dharana Capital, and Blume Ventures, marking a significant milestone for the Noida-based firm. This funding comes after a gap of over two years, signaling renewed investor confidence in Zopper’s vision.
Previously, in September 2022, Zopper raised $75 million in a Series C round led by Creaegis, with participation from ICICI Venture, Bessemer Venture Partners, Tiger Global, and Blume Ventures. To date, the 13-year-old company has secured over $115 million in funding.
Zopper plans to channel the newly raised funds into enhancing its digital infrastructure, focusing on bolstering its insurance distribution platform and expanding bancassurance solutions. Additionally, the funds will support the development of post-sales services, particularly in device and appliance protection.
The company, which began as a PoS system for retailers, pivoted to a SaaS platform after its acquisition by Walmart-owned PhonePe in 2018. Today, Zopper partners with over 40 insurance companies and collaborates with 2,500 ecosystem players, offering a comprehensive suite of technology and service solutions for insurers.
Although the company has not disclosed recent financial specifics, it reported revenue of ₹187.28 crore with a loss of ₹13.95 crore in FY23. With Tiger Global holding a 28.39% stake as of the Series C round, Zopper continues to establish itself as a key player in the insurtech space.
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