BeepKart, a complete online pre-owned two-wheeler platform, has announced that it has raised $9 million in a Series A round led by Vertex Ventures South East Asia and India.
The round was also joined by existing investors Stellaris Venture Partners and Chiratae Ventures, who led the company’s $3 million seed round in September 2021.
The company will use the capital to further deepen the digital journey for its buyers and sellers, as well as develop other internal products. It plans to build the BeepKart brand to address the white space markets.
The new round will also be used to accelerate geographical scaling. The focus of expansion would be in the southern and western regions of the country, with Chennai being the next immediate city.
Founded in 2020 by Hemir and Abhishek Saraf, the Bengaluru-based mobility startup digitally sells like-new two-wheelers at a good price. It uses a digital approach to solve this problem. It offers sellers and buyers a transparent and increasingly oriented path to products.
Hemir Doshi, Co-founder and CEO of BeepKart, said, “A combination of internal and external product strategy, operational excellence across multiple activities and the right value system can help transform the second-hand two-wheeler market, which is far from over. more disorganized than the used car market.”
He added, “We have targeted the Bengaluru market and have reached a stage where we are profitable. We are at a good point to replicate this guide in other geographies. In both the seed round and our current round, we were fortunate to see interest from long-term investors who were able to appreciate our business opportunity and strategy very well, on an inbound basis.”
Piyush Kharbanda, General Partner at Vertex Ventures Southeast Asia and India, said, “The second-hand two-wheeler market, which is supposed to be a thriving, well-organized market, is plagued by issues that make it a classic lemon market. We are excited to support Hemir and Abhishek in their quest to build a brand that solves all the issues affecting trust between buyers and sellers: price transparency, service delivery, product warranty and many more.
Ritesh Banglani of Stellaris Venture Partners, said, “Since our initial investment in BeepKart, the company has shown strong momentum in both business volume and economics. Their online booking and home test drive offerings are seeing strong customer interest. We continue to strongly believe in BeepKart’s trust-centric offering and are pleased to support the company in their Series A round.”
TC Meenakshi Sundaram, Vice Chairman of Chiratae Ventures, said, “Within less than a year of operation, BeepKart has become the leader in its operating market in Bangalore. The team is working hard to develop its playbook, which will lead to the expansion of operations to several new cities in the future. What excites us is the focus on building a trusted platform for used two-wheeler buyers, which is reflected in BeepKart’s amazing customer ‘Net Promoter Scores’. We are delighted to have once again supported the company in their latest Series A round.”
The company has raised a total of $12 million in equity, which includes the current round and a $3 million seed round led by Stellaris Venture Partners and Chiratae Ventures. It also raised $1 million or Rs 7.5 million from Asian venture debt firm InnoVen Capital as debt financing.
Beepkart’s full-stack model helps buyers rely on transparent images and reports of bike inspections, book online, keep a test ride at home, buy a bike with full payment or on loan and have hassle-free ownership. with a one-year warranty and three free services.