Exclusive: Elevation Capital-Backed Zopper Fires 100 Employees

Insurance-focussed SaaS startup Zopper has laid off around 100 employees since the start of 2025, with the latest round of firing taking place earlier this week, sources told Inc42.

As per the sources, the startup’s management informed earlier this week that around 50 employees from tech and product teams were laid off.

“They just said that they are trying to cut costs,” one of the sources said.

This is the second round of layoffs from the tech and product teams, with the startup firing around 20 employees from these teams earlier this year.

Besides, it also let go of its entire 40-member insurance team earlier this year, the sources added. The startup is offering a month’s salary as severance package.

A detailed questionnaire sent to Zopper didn’t elicit any response till the time of publishing this story.

The development comes almost five months after in its Series D round, co-led by Elevation Capital and Dharana Capital, with participation from existing investor Blume Ventures.

Founded in 2011 by Surjendu Kuila and Mayank Gupta, Zopper provides APIs to insurance companies and other players in the ecosystem for insurance distribution. It helps insurance companies reach out to partners like ecommerce marketplaces using its proprietary embedded insurance API suite.

During its last fundraise, Zopper said it was building a modern policy administration system (PAS) that would use contemporary tech stack, efficient algorithms and data handling and security features for seamless customer service.

Zopper has raised a total funding of $121 Mn to date from investors like Elevation Capital, Creagis, Bessemer Venture Partners, and ICICI Venture.

Its operating revenue surged 170% to INR 438.7 Cr in FY24 from INR 162.4 Cr in FY23. However, its net loss also rose 144% to INR 115.2 Cr from INR 47.2 Cr in FY23.

This comes a couple of days Inc42 exclusively reported that conversational AI unicorn in 2025 so far.

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