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Beshak Insurance set to raise funds from 35 North Ventures

EntrackrEntrackr · 1y ago
Beshak Insurance set to raise funds from 35 North Ventures
Medial

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.

Related News

Coverstack set to raise $11 Mn in new round

EntrackrEntrackr · 4d ago
Coverstack set to raise $11 Mn in new round
Medial

Coverstack set to raise $11 Mn in new round Digital insurance company Coverstack, a B2B platform under the Coverfox Group, is set to raise Rs 95.7 crore (around $11 million) in a new round comprising both primary and secondary stake sales. The board at Coverstack has passed a special resolution to issue 19,216 preference shares and 3,187 share warrants at an issue price of Rs 33,827 each to raise Rs 75.78 crore in a primary round, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Vistra ITCL (India) Limited, acting as trustee of Elevar Ventures Partners, led the round with Rs 65 crore primary injection, while the founders, Sanjib Kumar Jha and Piyush Ranjan, cumulatively invested Rs 10.75 crore. According to Entrackr’s analysis, Elevar Ventures Partners also purchased 5,912 equity shares from existing investors in a secondary transaction worth Rs 20 crore, taking the total capital raised in the round to Rs 95.7 crore (about $11 million). Coverstack’s post-money valuation is estimated at around Rs 476 crore ($54 million), according to Entrackr’s estimates. With this round, the Mumbai-based firm has raised over Rs 465 crore across multiple rounds. Coverstack, the B2B arm of Coverfox, acts as its tech platform for digital insurance distribution, enabling fintechs, brokers, and other platforms to offer insurance products and supporting Coverfox’s shift to scalable, tech-based solutions. While the company has not disclosed its revenue for the fiscal year ending March 2025, Coverstack reported a loss of Rs 11.87 crore in FY25. In FY24, it had revenue from operations of Rs 2.63 crore and a loss of Rs 14.87 crore.

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