In One of the Largest Funding Rounds in InsurTech Space, Zopper Raises $75 Mn in Series C Funding

Plans to utilize funds for investing in cutting-edge technology, business development initiatives, inorganic growth through M&A, and international expansion

Zopper, one of the leading insurtech startups, today announced that it has raised $75 million in Series C funding, led by Creaegis with participation from ICICI Venture* and Bessemer Venture Partners. Existing investor, Blume Ventures also participated in the round. Tiger Global, currently invested in the company, will continue to extend its support for future growth. The investment in Zopper, is one of the largest funding rounds in the insurtech space in Asia till date.

The fresh capital will allow Zopper to further bolster its SaaS platform and data analytics capabilities, build a next generation data engineering team, fuel business development initiatives, undertake inorganic growth and explore opportunities in the international market. The company aims to achieve an annualized Gross Written Premium (GWP) of USD 500 million by March 2024.

Zopper, established in 2011, is India’s largest embedded insurtech platform that aims to revolutionize insurance distribution via its SaaS platform, deep integration layer and data analytics capabilities. With 150+ partners and presence in over 1200+ cities, Zopper helps B2B and B2C organizations to offer various insurance products and provides end-to-end technology and service offerings to insurers.

Surjendu Kuila

Commenting on the announcement, Mr. Surjendu Kuila, Co-Founder and CEO, Zopper said, “Our deep understanding of Technology, Data and Insurance Products have given rise to the next generation SaaS enabled distribution platform. The Insurance industry is yet to witness usage of such tech-enabled products. Through this platform, Zopper is bringing the partners and insurers together and spearheading a profound transformation in the realm of insurance distribution. We have exponentially grown in the last 4-years, and will continue to grow at a significant pace in the years to come"

Mayank Gupta

"Zopper has the advantage of experience, scale, and efficiency. We partner with our distribution channels throughout the entire lifecycle of their insurance strategy – right from Product Solutioning and API-driven SaaS integrations to Sales Enablement and Claims Management. Our investors share a common vision, which is to build businesses on solid fundamentals, which aligns with the way we have built the company so far. This funding will support the company to fortify its position as a leader in the insurtech industry.” added Mr. Mayank Gupta, Co-Founder and COO, Zopper.

Commenting on funding, Mr. Prakash Parthasarathy, Managing Partner, Creaegis, said “We truly believe in Zopper’s vision of transforming and automating the insurance distribution model in India. Over the years, they have demonstrated their tech and product innovation value to their ecosystem partners and insurers. All this has been achieved in a very capital efficient manner and our investment will help its accomplished management team led by Surjendu and Mayank to scale and improve access to a wider customer base. We are privileged to be their partner and we are committed to support their journey given our experience in this space.”

Mr. Gagandeep S Chhina, Director - Private Equity, ICICI Venture said “We believe that technology will play an important role in improving distribution efficiency and increasing penetration of insurance and assurance products. Given ICICI Venture’s successful investment track record in the Insurance sector, we think Zopper is well positioned to capture this long-term growth opportunity. We are excited to support the management team’s vision to establish Zopper as a leading Insurtech player with its scalable technology, multiple insurer tie-ups and partnerships with distribution channels across sectors”

Mr. Vishal Gupta, Partner, Bessemer Venture Partners, said “We are excited to back Surjendu and Mayank, in what we think will become the default API-led, SaaS distribution infrastructure platform for insurance companies to cross-sell relevant insurance products at the point-of-sale to the captive consumer base of the large and medium companies both online and offline. We have known this team for a decade and have been really impressed by their tenacity and what they have achieved in a relative short period over the last two years”

Haitong Securities was the investment banker for the transaction.

About Zopper: Zopper, established in 2011, is India’s largest embedded insurtech platform that aims to democratize access to insurance distribution via its SaaS platform. With a presence in over 1200+ cities, Zopper helps B2B and B2C organizations adopt various insurance products and provides end-to-end technology and service offerings to Insurers. Zopper has over 150 ecosystem partners, which include some of India's largest brands such as Amazon, Ola, Xiaomi, Croma, Hitachi, Equitas Small Finance Bank, Chaitanya, and many more. For more details, please visit: Zopper

Zopper Sets Eye at Organizing Indian Retail Industry Worth $100B via EasyPOS

Witnessing the huge potential underlying in EasyPOS and its expertise in cloud based POS solutions strategically fitting its business model, Zopper acquired EasyPOS in March, this year. They empower retailers by assisting them in making informed decisions on inventory management, demand estimation, local area consumer marketing, analytics, trends and more.

Zopper has also extended EasyPOS platform into the consumer financing domain. There is a huge market for retail financing for higher ticket items at retailers outlets, who otherwise do not have easy access to finance due to limited reach of finance companies and small business size of these retailers. Zopper, through EasyPOS is solving this problem for retailers and has created a meta-aggregator financing platform for retailers.

“We have tied up with around 15 financing partners including Banks, NBFC’s, Fintech companies, Digital wallets etc. which would now be accessible to retailers to offer instant financing to their walk-in customers. This would increase the retailer business by 25-40%. We are seeing a great traction for this module with retailers. Nowadays, every business needs a reliable partner to prosper and EasyPOS aims to be every retail business’s trusted partner in helping them taking their retail business to next level,” said Neeraj Jain, Co-founder & CEO of Zopper.

EasyPOS aims to reduce daily operational cost and increase profits by increasing Sales through Consumer financing. It helps retailers track their business on the go, along with offering CRM (Customer Relation Management), billing, employee management, vendor management, expense management and loyalty programs. EasyPOS users can extract key customer insights which help them streamline their strategy and plan spends across various channels like SMS, print media, website, email, events and social media. EasyPOS offers an easy way to create and run a loyalty program for their customers.

The Cloud based Point of Sale that can be easily accessed over a browser from any device and location, also integrating electronic retailers with Zopper. Since it is business agnostic, EasyPOS can be integrated with any kind of business, ranging from a standalone salon to a large format electronic store. The system helps retailers in Selling, Managing the stores, Reporting & Growth of business.

Further commenting on the scope and future plans, Neeraj Jain, Co-founder & CEO of Zopper added, “Our aim is to establish EasyPOS as a renowned brand amongst the retailer community spread across the country. At the same time, we are also looking to make alliances with some global partners overseas as well. We will be launching EasyPOS software with local server capability which will enable customers to work offline & sync data on cloud later on.”

EasyPOS is focused on organising the Indian Retail Industry worth $100 billion, 90% of which is unorganised, by providing them with a customised solution for different verticals like Electronics, Apparel & Footwear, Food & Beverage, Spa & Salon, Car accessories, Luggage, Furniture, etc.

Also, keeping in mind the newly introduced GST law, small and medium size enterprises will now have to keep a track of transactions and input/output tax at all times. EasyPOS will soon be launching its own Mobile POS system which will be ready for GST regime.

Image : Zopper Founders (Surjendu Kuila (L) and Neeraj Jain)

Zopper Goes Multiplatform, Launches Its Web Platform from Being Just an App-Only

In a move that will definitely delight its users, Zopper, India’s largest hyperlocal marketplace, has announced the launch of its brand new desktop website. The website, www.zopper.com, will aim to enhance user friendliness and appeal, as well as improve the product and price discovery experience for its users.

Zopper’s transition from an app-only platform to a multiplatform e-commerce company has been enabled by the introduction of advanced website technologies. These innovations make it possible for the platform to identify the exact user location and help Zopper in extending its services to its users through a web-based platform. Another reason behind the launch of a dedicated website by Zopper is the increasing consumer preference for bigger screens to view images, especially for high-value purchases like electronics, something which was not possible through the mobile app.

Speaking on the website launch, Mr Neeraj Jain, CEO & Co-founder , Zopper, said, “As a leading hyperlocal e-commerce company, we have constantly endeavoured to provide a differentiated, cross-channel online-to-offline experience to our users. Our website platform has been designed to fulfil this vision of fostering greater trust about the product being ordered. With the introduction of several new features, such as maps, we are confident of fulfilling the delivery promise to our customers and making their purchase experience extremely satisfactory.”

The launch is aimed at providing Zopper users with a seamless experience across all online touchpoints including its mobile app, m-site and the desktop website. Zopper will build website content for its desktop platform in order to streamline its users’ discovery journey through retailer ratings, consumer reviews & feedback, expert product reviews and retailer social reviews. This will help users in identifying the best product to buy, the best price on offer and the best seller to buy from, bringing the online purchase experience much closer to the offline world.

Having put in a lot of effort into delivering a faster, smoother and non-intrusive flow for faster checkouts, Zopper’s hyperlocal approach will also ensure that products ordered through its website will have the fastest delivery as compared to other e-commerce websites. The portal will additionally update its website content with helpful product information, articles, blogs, newsletters and company announcements in order to add greater value to the user experience on its website.

Image - Neeraj Jain, Co-founder, Zopper

Reviews42 now becomes Zopper.com, raises $5 mn funding

Reviews42, a Noida based online startup which deals in online consumer products research and reviews , has been successful in raising $5 million in Series B funding from Nirvana Venture Advisors and Tiger Global Management.

In addition to this development, the company has also rebranded itself as 'Zopper'. This new brand name signifies the broad capabilities that the company offers across comprehensive price comparison, user reviews and product discovery.

According to Neeraj Jain, who is one of the co-founder at Zopper, their online portal and mobile applications have seen a dramatic rise in the last 18 months and they believe that this is just the beginning and the best is yet to come. The company is also planning to scale up every aspect of their business and provide its customers with a number of new products to enhance their shopping experience.

The funds raised will be used in the company’s further development and innovation in products, enhancing infrastructure and team building.

Reviews42 had previously raised an undisclosed amount in the first round of funding last year from Blume Ventures, Nirvana Venture Advisors and others.

According to Surjendu Kulia, who is also a co-founder at Zopper, the company’s potential for growth is immense. The total addressable product related retail market is around $100 billion. Zopper is further looking to ride high on the increasing Smartphone penetration and rising trends like research online, purchase offline and showrooming. He feels that his company is at vantage point of connecting offline with online. Kulia also feels that their association with Tiger Global will give them wider exposure which will help them in the long run.

Reviews42 now becomes Zopper.com, raises $5 mn funding

Reviews42, a Noida based online startup which deals in online consumer products research and reviews , has been successful in raising $5 million in Series B funding from Nirvana Venture Advisors and Tiger Global Management.

In addition to this development, the company has also rebranded itself as 'Zopper'. This new brand name signifies the broad capabilities that the company offers across comprehensive price comparison, user reviews and product discovery.

According to Neeraj Jain, who is one of the co-founder at Zopper, their online portal and mobile applications have seen a dramatic rise in the last 18 months and they believe that this is just the beginning and the best is yet to come. The company is also planning to scale up every aspect of their business and provide its customers with a number of new products to enhance their shopping experience.

The funds raised will be used in the company’s further development and innovation in products, enhancing infrastructure and team building.

Reviews42 had previously raised an undisclosed amount in the first round of funding last year from Blume Ventures, Nirvana Venture Advisors and others.

According to Surjendu Kulia, who is also a co-founder at Zopper, the company’s potential for growth is immense. The total addressable product related retail market is around $100 billion. Zopper is further looking to ride high on the increasing Smartphone penetration and rising trends like research online, purchase offline and showrooming. He feels that his company is at vantage point of connecting offline with online. Kulia also feels that their association with Tiger Global will give them wider exposure which will help them in the long run.