Insurtech company Beshak Insurance is all set to raise its maiden funding from 35 North Ventures, sources aware of the development told Entrackr. This will be the maiden institutional round for the Mumbai-based startup.
“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.
Launched in 2020 by Mahavir Chopra, Aayush Dubey and Thribhuvan Lokesh, Beshak is an online insurance platform that helps customers discover and buy insurance plans. The company claims that it has served more than 25,500 customers to date and has 75 expert advisors on board.
Beshak Insurance had previously raised funding from CEOs and former CEOs of large companies. Its advisory council includes Anupam Gupta, investment research consultant, Brian Almeida, founder of PointsforGood, Deepak Shenoy, founder of Capital Mind, and Devendra Rane, co-founder and former CTO at Coverfox.
While Beshak Insurance is in its early stage, some of its products compete with all retail insurtech players like Policybazaar, or new age companies like Ditto.
Queries sent to Beshak Insurance and 35 North Ventures did not elicit an immediate response. We will update the story in case they respond.
Early stage venture capital firm 35 North Ventures invests in pre-series A and Series A stages of consumer focused startups . Previously, it has backed a clutch of startups including Newspace, Stupa, Cloud Tailor, Inside Outside, and Kolane.
Defencetech and drone manufacturer Newspace recently secured $52 million in a bridge round.
