Zopper secures $75 million to address India’s insurance challenges
Category: #retail  By Pankaj Singh  Date: 2022-09-21
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Zopper secures $75 million to address India’s insurance challenges

Renowned insurtech startup Zopper, has announced that it has secured $75 million in fresh funding, according to credible reports.

Over the course of more than five years, Zopper developed a platform for small- and medium-sized enterprises that assisted retailers with payments and invoicing through its point-of-sale (PoS) platform.

Creaegis headed the Series C fundraising for the New Delhi-based firm. Zopper revealed that its current backer Blume Ventures, and new investors, such as ICICI Venture and Bessemer Venture Partners also took part in the funding round. The 11-year-old startup has so far raised $96 million. The valuation at which it concluded the round was not disclosed.

By collaborating with insurance companies, Zopper develops byte-sized, customized products that are eventually supplied to distribution partners. This strategy apparently sets Zopper apart from many of its Indian rivals who combine coverages from several manufacturers to eliminate middlemen and speak with customers directly.

Surjendu Kuila, founder and CEO of Zopper, claimed in an interview that the insurance penetration in India stood at just 3 to 4%. He stated that while bringing in new clients to buy insurance, one cannot sell them schemes that are priced above $37 to $50 per year.

To address this issue, Zopper is teaming up with businesses that already have a captive customer base, such as banks, nonbanking financial institutions, retail chains, and mobility companies.

At present, Zopper is available in more than 1,200 Indian cities and has worked with over 150 industry participants, including the Japanese company Hitachi, online retail giant Amazon, retail chain Croma, ride-hailing enterprise Ola, smartphone manufacturer Xiaomi, and Equitas Small Finance Bank.

The insurtech firm intended to use the new capital to dramatically increase its employee base and explore the possibility of acquiring smaller startups, shared Kuila. Kuila also stated that Zopper would be applying for an initial public offering (IPO) after it achieved the target of generating close to $1 billion in revenue over the course of around five years.

Source credit: https://techcrunch.com/2022/09/19/zopper-raises-75-million-to-solve-indias-insurance-problem/



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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