BeepKart raises $9M in Series A led by Vertex Ventures

BeepKarta full-stack online platform for used two-wheelers, announced it has raised $9 million in a Series A round led by Vertex Ventures South East Asia and India.

Also participating in the round were existing investors Stellaris Venture Partners and Chiratae Ventures, who led the Company’s $3 million seed round in September 2021.

Hemir DoshiCo-founder and CEO, said BeepKart Your story, A combination of an internal and external product-centric strategy, operational excellence in all activities and the right value system can help transform the used two-wheeler market, which is far more disorganized than the used car market.”

“We have focused on the Bengaluru market and have reached a stage where we are profitable. We are at a good time to replicate this playbook in other regions,” he shares.

The mobility startup from Bengaluru, founded in 2020 by Hemir and Abhishek Saraf, sells digital two-wheelers with a good price-performance ratio. To solve this, it takes a digital-first approach. It offers sellers and buyers a transparent and increasingly product-centric journey.

According to Beepkart, its full-stack model helps buyers rely on transparent images and bike inspection reports, make an online reservation, take a test ride at home, buy the bike with full payment or on loan, and have a hassle-free ownership experience with one-year warranty and three free services.

Pyush Kharbanda, General Partner, Vertex Ventures Southeast Asia and India, said in the statement: “What appears to be a thriving, well-organized market for used two-wheelers is beset 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 that break trust between buyers and sellers: price transparency, service delivery, product warranty and many others.”

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Ritesh Banglani of Stellaris Venture Partners added, “Since our initial investment in BeepKart, the company has shown strong momentum in both business volume and economy. Their offerings for online bookings and at-home test drives are seeing strong customer adoption. We continue to believe strongly in BeepKart’s trust-based offering and are excited to support the company in its Series A round.”

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TC Meenakshi Sundaram, Vice Chairman, Chiratae Ventures further added: “Within less than a year of operation, BeepKart has grown into a leader in its Bangalore operating market. The team has been hard at work developing its playbook, which will fuel scaling operations to multiple 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 the amazing “Net Promoter Scores” from BeepKarts customers. We are delighted to have once again supported the company in its recent Series A round.”

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use of funds

The company said it will use the capital to further deepen the digital journey for its buyers and sellers and to develop more in-house products. There are plans to build the BeepKart brand to target the white space in the markets, Hemir adds.

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The new round will also be used to speed up geographic scaling. Hemir advises that the focus of expansion would be in the southern and western regions of the country, with Chennai being the closest immediate city.

“For both a seed round and our current round, we have been fortunate to receive interest from long-term investors who have been very keen on our business opportunity and strategy, on an inbound basis,” adds Hemir.

The Company has raised a total of $12 million through equity, which includes the current round and the $3 million seed round led by Stellaris Venture Partners and Chiratae Ventures. Also, US$1 million or Rs.7.5 billion was raised in debt from Asia-focused venture debt firm InnoVen Capital.

(Story updated to correct a typo and add a quote from Chiratae Ventures.)

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