BeepKart, a full-stack online platform of used 2-wheelers said that it has raised USD9 million in its Series A round led by Vertex Ventures South East Asia & India.
The round also witnessed participation from existing investors Stellaris Venture Partners and Chiratae Ventures who had led the USD3 million seed round of the company in September 2021.
Hemir Doshi, co-founder & CEO, BeepKart said, “A combination of an internal and external product-led strategy, operational excellence across the stack of activities and the right value system can help transform the used 2-wheeler market which is far more unorganized than the used-car market. 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. In essence, we are challenging the need to buy an expensive new 2-wheeler when a BeepKart bike is available to upgrade the consumer’s life.”
Piyush Kharbanda, General Partner, Vertex Ventures Southeast Asia and India said, “India is the 2-wheeler capital of the world. A 2-wheeler is more than just a personal commute solution as millions of Indian families depend on them for their livelihood. The used 2-wheeler market, which by all accounts should be a thriving, well-orchestrated market, is plagued by issues that make it a classic market for lemons. We are excited to back Hemir and Abhishek in their endeavor to build a brand that solves for all issues that impact trust among buyers and sellers: price transparency, service delivery, product warranty, and many others. It takes a lot to deliver this, and the team’s razor-sharp focus on operating excellence is what sets BeepKart apart.”
The fresh round of funds raised by BeepKart will be channeled towards building the digital user journey further to earn customer love, internal products and systems that serve as competitive moats, brand and operational excellence while scaling the business geographically.