BeepKart Raises INR 73 crore In Series A Round

BeepKart, a full-stack online platform of used two-wheelers, announced that it has raised around INR 73 crore in its Series A round led by Vertex Ventures South East Asia and India.  The round also witnessed participation from existing investors Stellaris Venture Partners and Chiratae Ventures who had led the around INR 24 crore seed round of the company in September, 2021.

Automobiles account for over 7 per cent of India’s GDP. There are 3.5 crore cars on the roads and an estimated 24 crore two-wheelers. Massive portions of the population don’t have access to personal mobility or have to spend excessively on ever-increasingly costly new vehicles.

Used two-wheelers can offer the best entry point into personal mobility and help upgrade lives for millions of Indians. Globally, digitisation has helped transform the used car industry, and created immense value. Used car sales are over three fold of new car sales in some developed markets. In India, used two-wheeler adoption can grow similarly while being a great beneficiary of the digital revolution.

The USD 1000 crore used 2-wheeler market is plagued with a lack of trust, convenience and value for money. Since 2021, BeepKart, founded by Hemir Doshi and Abhishek Saraf, is taking a digital-first approach to solve this. It offers a transparent and increasingly product-led journey to sellers and buyers. Using data and intelligence, it is able to provide a haggle-free fixed price experience to sellers and buyers.

Buyers can conveniently browse hundreds of refurbished BeepKart bikes, access reliable images and bike inspection reports, make online reservations, get at-home test rides and purchase bikes with full payment or on loan and have a hassle-free ownership experience with one-year warranty and three free-services.

A full-stack model has allowed BeepKart bikes to become a compelling alternative for thousands of buyers who could very well afford a new two-wheeler. BeepKart is able to solve customer pain-points comprehensively in this high-value and high-consideration category, while ensuring healthy margins.

Hemir Doshi, co-founder and 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 two-wheeler market which is far more unorganised 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 two-wheeler when a BeepKart bike is available to upgrade the consumer’s life.”

Meanwhile, Piyush Kharbanda, General Partner, Vertex Ventures Southeast Asia and India said, “India is the two-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.”