Vertex Ventures leads a $9 million Series A funding round for BeepKart

• ByStartupStory     |    October 19, 2022

Vertex Ventures South East Asia and India led the $9 million Series A round that BeepKart, a full-stack online marketplace for secondhand two-wheelers, announced. Existing investors Stellaris Venture Partners and Chiratae Ventures, which had led the $3 million seed round of the company in September 2021, also participated in the round.

“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,” said Hemir Doshi, co-founder and CEO of BeepKart.

“We have been concentrating on the Bengaluru market, and we have now progressed to a lucrative stage. We are in a fantastic position to repeat this approach in other regions right now “He imparts.

Hemir and Abhishek Saraf founded the mobility firm in Bengaluru in 2020, which sells as-good-as-new, cost-effective two-wheelers online. To solve this, it is using a digital-first strategy. It provides merchants and buyers with a clear and more product-driven journey.

According to Beepkart, its full-stack approach enables customers to make an online reservation, schedule a test ride at their home, pay in full for the bike upfront or take out a loan, and enjoy a hassle-free ownership experience with a one-year guarantee and three free services.

In a statement, Piyush Kharbanda, General Partner of Vertex Ventures Southeast Asia and India, said: “The secondhand two-wheeler market, which on paper should be a booming, well-organized sector, is beset by problems that make it a typical market for lemons. We are thrilled to support Hemir and Abhishek in their mission to create a company that addresses all problems affecting consumer and seller trust, including price transparency, service delivery, product warranty, and many others.

According to Ritesh Banglani of Stellaris Venture Partners, “BeepKart has shown great momentum in both business volume and economics since our original investment in the company. Online reservations and home test drives are two of their services that are very popular with customers. We are thrilled to support BeepKart in their Series A round because we remain fervent supporters of their trust-focused product.

In addition, TC Meenakshi Sundaram, Vice Chairman of Chiratae Ventures, stated that “BeepKart has become a leader in its operational market of Bangalore in less than a year of operations. The team has put a lot of effort into creating the playbook that will enable the future expansion of operations to numerous additional cities. We are excited by BeepKart’s focus on creating a reliable platform for used 2-wheeler buyers, which is shown in the company’s incredible customer “Net Promoter Scores.” We are pleased to have supported the business once more in its most recent Series A financing.

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