Creaegis, a mid-market private equity firm, has led a Series C round of funding in Noida-based insurtech venture Zopper, marking its second known investment.
The PE firm was floated by Prakash Parthasarathy—a former chief investment officer of PremjiInvest—and has been on the road to raise as much as $500 million in its maiden fund.
Zopper said Tuesday it has raised $75 million in its Series C funding from Creaegis with participation from ICICI Venture, Bessemer Venture Partners and Blume Ventures.
Founded in 2010-11 by Neeraj Jain and Surjendu Kuila, Zopper has pivoted multiple times in the past. It began as a community-based product review site called Reviews42 before rebranding and turning itself into a hyperlocal e-commerce platform.
Seven years ago, Zopper pivoted again and split its business into two distinct divisions – a point of sale platform for offline merchants (Zopper Retail) and an extended warranty solutions unit for electronics purchased at offline outlets (Zopper Assure).
The PoS business was sold to PhonePe four years ago.
Currently, it is positioned as an insurtech-focused SaaS platform offering application programming interfaces (APIs) to B2B and B2C firms providing insurance products.
The startup aims to utilise the money for boosting its technology, business development, global expansion and acquisitions. Zopper is aiming to hit an annualised Gross Written Premium (GWP) of $500 million by March 2024.
“We 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..,” said Parthasarathy.
Parthasarathy was founding CIO and managing partner at PremjiInvest, the family office of Wipro Ltd founding chairman Azim Premji, until 2018 and floated his own investment management outfit the following year.
He then roped in two former PremjiInvest executives for Creaegis. While Parthasarathy is managing partner and CIO at Creaegis, Nitish Bandi and Sambasivam Kailasam are partners.
The firm had last year made its maiden bet by leading a $75 million Series C round of investment in health-tech firm MedikaBazaar. It reinvested by chipping in its Series D round early this year.
Overall, the fund plans to invest in 10-15 mid-market companies in consumer, financial services, healthcare and technology sectors. Its investment mandate includes direct-to-customer brands, agri-tech, specialty retail, ed-tech, e-pharma, diagnostics, pharma research, digital consumer and small and medium enterprises lending, insur-tech, online payments, consumer and enterprise digitization, algorithmic businesses, e-commerce and online delivery.