, a full-stack on-line platform of used two-wheelers, introduced that it has raised $9 million in a Collection A spherical led by Vertex Ventures South East Asia and India.
The spherical additionally witnessed participation from current traders Stellaris Enterprise Companions and Chiratae Ventures who had led the $3 million seed spherical of the corporate in September, 2021.
Hemir Doshi, Co-founder and CEO, BeepKart advised YourStory, “A mixture of an inside and exterior product-led technique, operational excellence throughout the stack of actions and the proper worth system may help rework the used two-wheeler market which is way extra unorganised than the used-car market.”
“We have now been centered on the Bengaluru market and have reached a stage the place we’re cashflow optimistic for it. We’re at an excellent cut-off date to have the ability to replicate this playbook in different geographies,” he shares.
Based in 2020 by Hemir and Abhishek Saraf, the Bengaluru-based mobility startup digitally sells as-good-as-new, value-for-money two-wheelers. It’s taking a digital-first method to fixing this. It provides a clear and more and more product-led journey to sellers and consumers.
Beepkart mentioned its full-stack mannequin helps consumers to depend on clear photos and bike inspection studies, make a web based reservation, get an at-home check trip, buy the bike with full cost or on mortgage, and have a hassle-free possession expertise with a one-year guarantee and three free-services.
Piyush Kharbanda, Accomplice, Vertex Ventures Southeast Asia and India, mentioned within the assertion, “The used two-wheeler market, which by all accounts needs to be a thriving, well-orchestrated market, is suffering from points that make it a traditional marketplace for lemons. We’re excited to again Hemir and Abhishek of their endeavor to construct a model that solves all points that impression belief amongst consumers and sellers: value transparency, service supply, product guarantee, and plenty of others.”
Ritesh Banglani of Stellaris Enterprise Companions added, “Since our preliminary funding in BeepKart, the corporate has demonstrated sturdy momentum in each enterprise quantity and economics. Their choices of on-line reserving and residential check drives are seeing sturdy buyer traction. We proceed to be large believers in BeepKart’s trust-focused providing and are delighted to again the corporate of their Collection A spherical.”
Utilization of funds
The corporate mentioned it can use the capital to additional deepen the digital journey for its consumers and sellers, in addition to develop extra inside merchandise. It plans to construct the BeepKart model to deal with the white area within the markets, provides Hemir.
The recent spherical may even be used to speed up geographical scaling. Hemir shares that the main target of the enlargement could be in southern and western areas of the nation, with Chennai being the subsequent fast metropolis.
“Each for a seed spherical in addition to our present spherical, now we have been lucky sufficient to type of not put collectively a pitch materials or to have interaction any banker, and it was on an inbound foundation. We hit it off very nicely by way of you already know, the understanding and appreciation of the enterprise,” Hemir provides.
The corporate has raised a complete of $12 million by fairness, which incorporates the present spherical and seed spherical of $3 million led by Stellaris Enterprise Companions and Chiratae Ventures. It additionally raised $1 million or Rs 7.5 crore from Asia-focused enterprise debt agency InnoVen Capital as debt funding.