Online vehicle retailer BeepKart raises series A funding round led by Vertex Ventures

• ByStartupStory     |    October 10, 2022

In a round headed by Vertex Ventures, BeepKart, a full-stack retailer of secondhand two-wheelers, raised Rs 73.2 crore ($9.15 million). The $3 million seed round, led by Stellaris and Chiratae Ventures, was the startup’s first funding round, and it took place a year ago.

According to a regulatory filing with the Registrar of Companies, the board of BeepKart has approved a special resolution to issue 62,043 Series A compulsory cumulative preference shares at a price of $145.06 per share in order to raise $90,00,102, or Rs 72.3 crore.

Vertex Ventures led the round with Rs 36.6 crore, and BeepKart received investments from Stellaris Ventures and Chiratae Ventures totaling Rs 18.31 each.

Post-allotment estimates place the company’s value at at Rs 306 crore, or $38 million. Including $1 million in loans from InnoVen in February of this year, the company has so far raised approximately $13 million. Top angel investors in the startup community, including Varun Alagh, Sahil Barua, Vivekananda Hallekere, Kunal Shah, Ramakant Sharma, and Rajesh Yabaji, also supported it during the seed stage.

Hemir Doshi and Abhishek Saraf created BeepKart to make it easy for customers to browse, choose, and reserve their chosen secondhand 2-wheeler manufacturers, including Honda, TVS, Suzuki, Bajaj, Yamaha, Hero, and KTM. In addition to offering trustworthy spare parts, services, accessories, loans, and insurance for used motorcycles through network partners, the organisation sets itself apart from online ads.

The company is in the pre-revenue stage in FY21 and posted a loss of Rs 35 lakhs during the fiscal year ending in March 2021, while BeepKart has not yet submitted its annual statements for FY22.

Competitors of BeepKart include CredR, Droom, OLX, and Bike Bazaar. While Bike Bazaar raised $21.3 million with the help of Women’s World Banking Asset Management in June of last year, CredR raised $6.5 million in a round led by Yamaha. Droom submitted its preliminary IPO filings in November 2021, but the Singapore-registered business has not yet received SEBI’s final approval.

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