Beshak Insurance Set to Secure First Institutional Funding for AI-Powered Matching

Preeti Bali / 10:32 am / April 23, 2024

Beshak Insurance, a Mumbai-based insurtech startup, is on the cusp of securing its first round of institutional funding from 35 North Ventures, according to industry sources familiar with the deal. This investment marks a significant milestone for Beshak, representing their first foray into traditional venture capital funding.

“35 North Ventures, through their India Discovery Fund, is expected to contribute around Rs 3 crore to Beshak,” revealed one of the sources.

These funds will be strategically used to enhance Beshak’s existing product offerings. Notably, the company plans to leverage the investment to develop a personalized matching system, akin to Tinder, that connects individual needs with suitable insurance products and advisors.

Beshak: Since 2020, Providing Customized Insurance Solutions to Empower Customers

Founded in 2020 by Mahavir Chopra, Aayush Dubey, and Thribhuvan Lokesh, Beshak functions as an online insurance platform, assisting customers in discovering and purchasing insurance plans that meet their specific requirements. Beshak boasts a customer base exceeding 25,500 and a network of 75 qualified insurance advisors.

Prior to this institutional round, Beshak secured funding from prominent figures, including CEOs and former CEOs of established corporations. Their advisory council features notable names like investment research consultant Anupam Gupta, PointsforGood founder Brian Almeida, Capital Mind founder Deepak Shenoy, and Devendra Rane, co-founder and former CTO of Coverfox.

Beshak Insurance and 35 North Ventures are awaiting a response to their investment inquiry

While Beshak is a relatively young company, some of their products compete directly with established retail insurtech players like Policybazaar and newer entrants like Ditto.

Neither Beshak Insurance nor 35 North Ventures responded immediately to inquiries regarding the investment. This article will be updated with any further information they may provide.

35 North Ventures, an early-stage venture capital firm, focuses on investing in consumer-centric startups during their pre-Series A and Series A funding rounds. Their portfolio includes various successful startups, such as Newspace (defense and drone technology), Stupa, Cloud Tailor, Inside Outside, and Kolane. Notably, Newspace recently secured a significant $52 million bridge round.

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