BeepKart Secures $6.5M in Extended Series A Funding Round
- ByStartupStory | April 8, 2024
BeepKart, a leading full-stack retailer of two-wheelers, has successfully raised Rs 54 crore (approximately $6.5 million) in an extended Series A funding round. The financing was spearheaded by its existing investors, including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures. This significant injection of capital is earmarked to bolster the startup’s expansion endeavors and consolidate its position within the market.
In a recent development, BeepKart forged a strategic alliance with Let’s Influence, an influencer marketing agency, to launch a targeted campaign aimed at enhancing brand recognition in Bangalore and Chennai. Shedding light on the funding specifics, the company cited its regulatory filing, stating, “the Board at BeepKart has passed a special resolution to issue 45,203 Series A2 CCPS at an issue price of Rs 11,935 each to raise Rs 54 crore.”
According to reports, Chiratae Ventures and Stellaris Venture Partners have already infused Rs 33.2 crore into the venture, with the remainder expected imminently. Prior to this, Vertex Ventures Southeast Asia and India, Stellaris Venture Partners, and Chiratae Ventures collectively injected $9 million into BeepKart during a Series A funding round conducted in October 2022.
Co-founded by Hemir Doshi and Abhishek Saraf, BeepKart revolutionizes the process of purchasing pre-owned two-wheelers by offering an end-to-end solution. Diverging from conventional online classified platforms, the startup provides customers with a comprehensive suite of services, encompassing spare parts, servicing, accessories, loans, and insurance, facilitated through an extensive network of partners. Presently, the company operates in Bengaluru and Chennai, with ambitious plans to expand its footprint to other cities across the nation.
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