Insurtech startup Beshak Insurance is gearing up to secure its initial funding from 35 North Ventures, according to sources familiar with the matter informed Entrackr. This marks the first institutional round for the Mumbai-based startup.
“One of the sources mentioned that 35 North Ventures, through its India Discovery Fund, will invest around Rs 3 crore in Beshak,” shared one insider.
Sources also indicated that the startup intends to utilize the capital to improve its product offerings. “Additionally, it will facilitate personalized matchmaking akin to Tinder, connecting individual requirements with suitable insurance products and advisors,” stated another source.
Founded in 2020 by Mahavir Chopra, Aayush Dubey, and Thribhuvan Lokesh, Beshak operates as an online insurance platform that assists customers in discovering and purchasing insurance plans. The company reports having served over 25,500 customers to date and employs 75 expert advisors.
Beshak Insurance had previously received funding from CEOs and former CEOs of major corporations. Its advisory council includes industry experts like Anupam Gupta, an investment research consultant, Brian Almeida, founder of PointsforGood, Deepak Shenoy, founder of Capital Mind, and Devendra Rane, co-founder and former CTO at Coverfox.
Despite being at an early stage, Beshak Insurance’s products compete with various retail insurtech players such as Policybazaar and newer companies like Ditto.
Enquiries made to Beshak Insurance and 35 North Ventures did not yield an immediate response. Any updates received will be included in the story.
35 North Ventures, a venture capital firm focused on early-stage investments in consumer-focused startups at pre-Series A and Series A stages, has previously supported several startups including Newspace, Stupa, Cloud Tailor, Inside Outside, and Kolane. Recently, defencetech and drone manufacturer Newspace secured $52 million in a bridge round with their backing.
