Insuretech player Zopper has raised $75 million in series C funding led by Creaegis, with participation from ICICI Venture and Bessemer Venture Partners
Funding was raised to double down on growth, revealed Surjendu Kuila, co-founder and CEO of Zopper.
Investments will be used to bolster the firm’s technology team to help ecosystem partners distribute insurance in a technologically seamless way, he said. “Data analytics will help us push the next frontier of innovations in the insurtech space,” added Kuila.
Insurance penetration in India has seen an increase in recent years, jumping from 3.76 per cent in 2019-20 to 4.20 per cent in 2020-2021, according to IRDAI data. However, this is still much below the global average of 7.4 per cent. Penetration in rural areas is even worse.
“Data generated from all our partnerships will enable us to grab a higher share of wallet from customers and. In turn, help the client make an additional ten to fifteen per cent bonus on top of what they currently rake in,” said Kuila.
Zopper, whose last funding round took place eight years ago in 2014, is also looking to expand to other geographies, amid rising demand from global players to use their platform. “We are looking to deploy our products in a couple of other geographies in this fiscal year or the first quarter of the next fiscal year,” said Kuila.