Online platform for the sale and purchase of used two-wheelers, BeepKart, on October 19, raised $9 million in a series A round led by Vertex Ventures South East Asia and India. The funding round also witnessed participation from existing investors Stellaris Venture Partners and Chiratae Ventures.
In a statement, the company said the fresh capital will be used for product development and expansion into other Indian cities.
Currently operating in Bengaluru, BeepKart is a mobility startup, building a buyer-focused brand for used two-wheelers. The startup was founded in 2020 by Hemir Doshi and Abhishek Saraf.
“The BeepKart team has patiently built out its playbook in Bengaluru, is profitable at a city level, and is ready to gradually replicate elsewhere while continuing to learn,” said Doshi, who is also the chief executive officer of BeepKart.
BeepKart said it uses data and intelligence to help buyers browse refurbished BeepKart bikes, access bike inspection reports, make online reservations, and get test rides at their homes. The startup also said customers can purchase bikes with full payment or on loan, on the platform.
“The used two-wheeler market is plagued by issues that make it a classic market for lemons. We are excited to back Hemir and Abhishek in their endeavour to build a brand that solves issues that impact trust among buyers and sellers: price transparency, service delivery, product warranty, and many others,” said Piyush Kharbanda, general partner, Vertex Ventures Southeast Asia and India.
Earlier in 2021, the company raised $3 million in seed funding led by Stellaris Venture Partners and Chiratae Ventures, who have also participated in the current round.
“Since our initial investment in BeepKart, the company has demonstrated strong momentum in both business volume and economics. Their offerings of online booking and home test drives are seeing strong customer traction,” said Ritesh Banglani, partner at Stellaris Venture Partners.
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