PE Fund Investments
Insurtech startup Zopper raises $75-M from Creagis, ICICI Venture, Bessemer, others
Noida-based Solvy Tech Solutions, which runs insurtech platform Zopper, had raised USD 75 million in a Series C funding round led by Creaegis, with participation from ICICI Venture, Bessemer and existing investor Blume Ventures. Haitong Securities was the investment banker for the transaction. Zopper, founded in 2011, provides an application programming interface (API)-based software platform which connects insurers and banks with third-party platforms, allowing these clients to embed and distribute insurance products to their customers. The new capital will be used to support the international expansion of Zopper, to strengthen the platform's technology and data engineering functions, and for strategic acquisitions. Zopper had last raised USD 20 million in May 2015 from Tiger Global and Nirvana Ventures Advisors. In 2018, digital payments company PhonePe had acquired the point-of-sale arm of Solvy Tech, called Zopper Retail, a hyperlocal mobile marketplace for small and medium-sized businesses.
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