Full-Stack Two-Wheeler Retailer Secures Funding to Expand Operations and Enhance Services
BeepKart, a leading retailer of used two-wheelers, has successfully closed an extended Series A funding round, raising Rs 54 crore (approximately $6.5 million) from existing investors including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures. The funding round, marked by a special resolution passed by the company’s board, signals BeepKart’s commitment to fueling its expansion and strengthening its position in the market.
According to regulatory filings accessed through the Registrar of Companies, BeepKart will issue 45,203 Series A2 CCPS at an issue price of Rs 11,935 each, facilitating the infusion of Rs 54 crore into the company. A partial payment of Rs 33.2 crore has already been received from Chiratae Ventures and Stellaris Venture Partners, with the remaining amount expected to follow shortly.
This funding round comes on the heels of BeepKart’s previous Series A round, where it raised $9 million led by Vertex Ventures in October 2022. With this latest infusion of capital, BeepKart’s total funding raised to date stands at around $18.5 million, valuing the company at approximately Rs 362 crore ($44 million) post-allotment of new shares, according to data intelligence platform TheKredible.
Founded by Hemir Doshi and Abhishek Saraf, BeepKart has carved a niche for itself in the used two-wheeler market, offering a comprehensive range of brands including Honda, TVS, Suzuki, Bajaj, Yamaha, Hero, and KTM. What sets BeepKart apart is its full-stack approach, providing not only used bikes but also reliable spare parts, services, accessories, loans, and insurance through its network partners.
Operating primarily in Bengaluru and Chennai, BeepKart has ambitious plans for expansion, aiming to penetrate other cities and regions to cater to a broader customer base. Despite being a pre-revenue stage firm until FY22, BeepKart demonstrated significant growth in FY23, reporting revenue of Rs 21.86 crore. However, losses stood at Rs 27.88 crore during the same period.
In a competitive landscape that includes players like CredR, OLX, and Bike Bazaar, BeepKart remains focused on innovation and customer-centricity to drive its growth trajectory and solidify its position as a leader in the used two-wheeler retail market.
