The round was co-led by Elevation Capital and Dharana Capital, with participation from existing investor Blume Ventures. Other backers include Creaegis, Bessemer Venture Partners, and ICICI Venture.

Zopper plans to use the funds to enhance its digital technology infrastructure, with a particular focus on strengthening its insurance distribution platform. The funds will also support the company's advancements in data science, data engineering, artificial intelligence, and machine learning to improve the customer experience and post-sales services in its device protection business.

The company has partnered with over 40 insurance providers and 2,500 ecosystem players. Zopper’s platform, equipped with more than 1,000 APIs, aims to transform the insurtech landscape in India by offering byte-sized, personalized products tailored for customers. It continues to focus on product development and enhancing the overall technology stack to offer more contextual and personalized insurance solutions.