Insurtech Beshak Insurance to raise funds from 35 North Ventures: Report
Beshak Insurance, an insurtech company, is scheduled to raise its first round of funding from 35 North Ventures, according to media sources. For the Mumbai-based startup, this will be its first institutional round.
“35 North Ventures via India Discovery Fund will put around Rs 3 crore in Beshak,” said one of the sources.
As per sources, the startup will utilise the funds to enhance its product. “It will also enable personalised tinder-like matching of individual needs to insurance products and advisors,” said another source.
Beshak is a digital insurance marketplace that was founded in 2020 by Mahavir Chopra, Aayush Dubey, and Thribhuvan Lokesh. It assists users in finding and purchasing insurance policies. The business states that it currently employs 75 knowledgeable advisors and has served over 25,500 clients.
CEOs and former CEOs of sizable corporations had previously contributed funds to Beshak Insurance. Anupam Gupta, an investment research consultant, Brian Almeida, the founder of PointsforGood, Deepak Shenoy, the founder of Capital Mind, and Devendra Rane, a co-founder and former CTO at Coverfox, are on its advisory council.
Despite being a young company, Beshak Insurance already faces competition from new age companies like Ditto and all retail insurtech players like Policybazaar with some of its products.
Pre-series A and Series A stages of consumer-focused startups are investments made by early-stage venture capital firm 35 North Ventures. It has previously supported several startups, such as Inside Outside, Kolane, Stupa, Cloud Tailor, and Newspace.
In a recent bridge round, $52 million was obtained by Defencetech and drone manufacturer Newspace.
