A full-stack online retailer of used 2-wheelers, BeepKart has raised a $3 million seed round from Stellaris Venture Partners and Chiratae Ventures.
The round also saw participation from angel investors including tech founders like Varun Alagh (Mamaearth), Sahil Barua (Delhivery), Vivekananda Hallekere (Bounce), Kunal Shah (CRED), Ramakant Sharma (Livspace) and Rajesh Yabaji (Blackbuck).
Founded by Hemir Doshi and Abhishek Saraf, BeepKart is taking a tech-first approach to address the trust deficit in the massive used two-wheeler market.
BeepKart aims to bridge the wide gap in experience between buying and owning new and used two-wheelers. Unlike classifieds platforms, vertical-focused BeepKart provides used two-wheeler buyers the required confidence on price, quality and after-sales service.
As per Google’s Auto Gear Shift India 2020 report, 90 per cent of new two-wheeler buyers go online from initial research to final purchase. This behaviour is seen across price points and in metros and towns.
On BeepKart’s platform, buyers can conveniently browse, select and book their preferred used two-wheeler right from their mobile phones.
Hemir Doshi, co-founder and CEO, BeepKart said, “Two-wheelers form over 80 per cent of India’s vehicle base, and there are 7 times as many used two-wheelers sold every year as used cars. Buying a scooter or motorcycle is one of the key purchase decisions by the Indian consumer, yet the market suffers from a lack of rules and a great trust-deficit. In our view, 2-wheelers are more amenable to online sales than cars and the decision to buy and sell is made more quickly. We are seeing good early traction for our buyer-focused online brand and offering.”
The business is currently live in Bengaluru, and will expand to 3 more locations over the next 12 months. BeepKart will engage throughout the buyer’s ownership lifecycle by providing reliable spare parts, services, accessories, loan and insurance for the used bikes through network partners. The raised capital will be used to build a quality engineering team to deliver on its tech and product first goals.