Zopper, an insurtech firm, announced in a note today that it has raised $25 million in a new round of funding led by Elevation Capital and Dharana Capital.
Dharana Capital has supported companies like NoBroker and Urban Company, while Elevation Capital is an active investor in the Indian fintech ecosystem.
The financing also included Blume Ventures, an existing investor. Other investors in Zopper include Creaegis, Bessemer Venture Partners, and ICICI Venture. To date, the business has raised a total of $96 million in equity investment.
The business from Noida will utilize the money to improve its insurance distribution network and expand its digital technology infrastructure. Additionally, the funds will improve Zopper’s device and appliance protection businesses’ post-sales and maintenance capabilities and speed up the expansion of the company’s current bancassurance products. The method used to sell insurance products through banking channels is known as the bancassurance model.
Banks and other businesses can use Zopper’s technology stack to package and market insurance products to their clients.
The company claimed in a statement that it presently has over 2,500 ecosystem actors and 40 insurance providers as partners.
At the moment, Zopper offers customized insurance solutions for consumers in India by integrating them into the ecosystem’s current digital channels.
“We are here to transform and automate the insurance distribution model in India, effectively, strategically and keeping customers in mind. We are mission-focused as a team. If we get this right, it will be transformational for the ecosystem and the country,” stated Mayank Gupta, Zopper’s chief operating officer.