India insurance start-up Zopper raises $75m
Indian private equity firm Creaegis has led a USD 75m Series C round for local insurance technology provider Zopper.
Creaegis was set up in 2019 by Prakash Parthasarathy, previously CIO of Premji Invest. It launched its debut fund in April with a target of USD 500m.
Tiger Global Management, ICICI Venture, Blume Ventures, and Bessemer Venture Partners also participated. The proceeds will be used to hire additional IT staff, build out data capabilities, and explore acquisitions with a view to international expansion.
Total funding comes to more than USD 100m since inception in 2011, according to AVCJ Research. The last round was in 2015, featuring Tiger Global and Nirvana Ventures. Tiger Global, Blume, and VenturEast Fund Advisors are among the earliest backers.
Zopper claims to be India’s largest embedded insurance technology platform with more than 150 partners and a presence in some 1,200 cities. It helps B2B and B2C organisations adopt various insurance products and provides end-to-end technology and service offerings to insurers.
The goal is to become the default distribution infrastructure platform for insurance companies cross-selling products at point-of-sale to large and medium-sized companies both online and offline. Ecosystem partners currently include Amazon, Ola, Xiaomi, and Hitachi. The company plans to achieve an annualised gross written premiums of USD 500m by March 2024.
“Over the years, they have demonstrated their tech and product innovation value to their ecosystem partners and insurers,” Parthasarathy said in a statement. “All this has been achieved in a very capital efficient manner and our investment will help its accomplished management team led by Surjendu [Kuila] and Mayank [Gupta] to scale and improve access to a wider customer base.”
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