Indian auto-insurtech Zopper raises $75mn in Series C funding

The New Delhi-based auto-insurtech Zopper raises $75mn in capital in latest Series C funding drive. Investment round will boost startup’s plans to launch international rollout.

Zopper also offers damage protection plans for smartphones, laptops, and glasses as well as repair plans, commercial vehicle insurance policies, and fleet Insurance cover.

The investment drive, which was led by Creaegis, with participation from ICICI Venture and Bessemer Venture Partners, is part of a strategy that will see Zopper begin its global expansion. Existing investor, Blume Ventures also participated in the round, while Tigger Global, which is currently invested in the company, will continue to extend its support for future growth, the platform revealed.

Launched in 2011, Zopper has over 150 ecosystem partners including Equitas Small Finance Bank, Croma Amazon, Ola, Xiaomi, Hitachi, and Chaitanya. It is also available in 1,200 locations across the region.

Zopper’s executives also announced the insurtech looks set to achieve an annualised Gross Written Premium (GWP) of $500mn by March 2024.

The influx of cash will enable Zopper to enhance its software-as-a-service (SaaS) platform and data analytics, as well as crating a new data engineering team to boost business development initiatives.

Zopper will also concentrate on expanding its digital partner network by exploring M&A opportunities as part of its global rollout of services.

by Peter Sonner