Zopper, the insurance infrastructure API platform for the insurance industry, has secured $25 million in a Series D funding round led by Elevation Capital, Dharana Capital, and Blume Ventures.

After a gap of over two years, the fresh proceeds have come for the Noida-based company.

The September 2022 fundraising round for Zopper, led by Creaegis, included participation from ICICI Venture, Bessemer Venture Partners, Tiger Global, and Blume Ventures.

Entrackr's analysis shows that the company has raised more than $115 million thus far.

The company said in a press release that the new funds will be used to strengthen its insurance distribution platform and enhance its digital infrastructure. Post-sales and service operations for device and appliance protection segments will be improved by the investment.

In FY23, the company registered 187.28 crore in revenue with a loss of Rs 13.95 crore.

The 13-year-old Zopper assists companies in offering a variety of insurance products and provides complete technology and support services to 40 insurance firms. More than 2,500 ecosystem players have been partnered with it.

Until its acquisition by Walmart-owned PhonePe in July 2018, Zopper was a customer-focused PoS system for retailers and small-scale businesses. After the sale, Co-Founders Surkendu Kulia and Mayank Gupta pivoted Zopper into a SaaS platform enabling consumer internet companies to distribute insurance products.

According to startup data intelligence platform TheKredible, as of the Series C round, Tiger Global had a 28.39% stake in the company, followed by Nirvana Digital with 16%