BeepKart, the pioneering full-stack retailer of pre-owned two-wheelers, has secured an additional Rs 54 crore (approximately $6.5 million) in its extended Series A funding round. The investment comes from a consortium of existing backers, including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures.
In a significant move, BeepKart’s board passed a special resolution to issue 45,203 Series A2 CCPS at an issue price of Rs 11,935 each, signalling a solid vote of confidence in the company’s vision and performance. The regulatory filing, accessible via the Registrar of Companies, underlines the strategic direction BeepKart is taking to solidify its market presence further.
With a substantial part payment of Rs 33.2 crore already received from Chiratae and Stellaris Venture Partners, BeepKart is poised for accelerated growth. The remaining investment is anticipated to follow suit shortly.
This recent financial boost follows BeepKart’s previous Series A funding round, where it secured $9 million led by Vertex Ventures in October 2022, as reported exclusively by Entrackr.
Founded by Hemir Doshi and Abhishek Saraf, BeepKart has carved a niche for itself in the pre-owned two-wheeler market, offering a diverse range of brands, including Honda, TVS, Suzuki, Bajaj, Yamaha, Hero, and KTM, among others. What sets BeepKart apart from conventional online classifieds is its comprehensive suite of services, encompassing reliable spare parts, servicing, accessories, loans, and insurance, all facilitated through its extensive network of partners.
Currently operating in Bengaluru and Chennai, BeepKart is poised for expansion into additional cities. It will leverage its robust infrastructure and customer-centric approach to tap into new markets.
While BeepKart was a pre-revenue stage firm until FY22, the company demonstrated impressive growth in FY23. With a reported revenue of Rs 21.86 crore for the fiscal year ending March 2023, BeepKart is making significant strides in revenue generation. Despite posting losses of Rs 27.88 crore in the same period, the company remains steadfast in its commitment to innovation and market leadership.
In a competitive landscape, BeepKart competes directly with industry players such as CredR, OLX, and Bike Bazaar, distinguishing itself through its holistic approach to customer satisfaction and value creation.
As BeepKart embarks on its next phase of growth, fueled by this latest funding infusion, it reaffirms its position as a trailblazer in the pre-owned two-wheeler segment. With its innovative solutions and unwavering dedication to excellence, BeepKart is poised to reshape the future of urban mobility.
