BeepKart, a full-stack online platform of used 2-wheelers, has raised $9 million in its Series A round led by Vertex Ventures South East Asia and India along with the participation from Stellaris Venture Partners and Chiratae Ventures.
BeepKart believes there is a $10 billion used 2-wheeler market in India plagued with a lack of trust, convenience, and value for money. Founded by Hemir Doshi and Abhishek Saraf in 2021, BeepKart wants to solve this gap through a digital-first approach that offers a transparent and increasingly product-led journey to sellers and buyers. Using data and intelligence, it is able to provide a haggle-free fixed price experience to sellers and buyers.
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Buyers can conveniently browse hundreds of refurbished BeepKart bikes, access reliable images and bike inspection reports, make online reservations, get at-home test rides, and purchase bikes with full payment or on loan and have a hassle-free ownership experience with 1-year warranty and 3 free-services.
Hemir Doshi, co-founder and CEO, BeepKart said, “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 2-wheeler market that is far more unorganized than the used-car market. The BeepKart team has patiently built out its playbook in Bengaluru, is profitable at a city level and is ready to gradually replicate elsewhere while continuing to learn. In essence, we are challenging the need to buy an expensive new 2-wheeler when a BeepKart bike is available to upgrade the consumer’s life.”
Piyush Kharbanda, General Partner, Vertex Ventures Southeast Asia and India said, “India is the 2-wheeler capital of the world. A 2-wheeler is more than just a personal commute solution as millions of Indian families depend on them for their livelihood. The used 2-wheeler market, which by all accounts should be a thriving, well-orchestrated market, is plagued by issues that make it a classic market for lemons. We are excited to back Hemir and Abhishek in their endeavour to build a brand that solves issues that impact trust among buyers and sellers: price transparency, service delivery, product warranty, and many others. It takes a lot to deliver this, and the team’s razor-sharp focus on operating excellence is what sets BeepKart apart.”
The fresh round of funds raised by BeepKart will be used towards building the company’s digital user journey to earn customer love, internal products and systems that serve as competitive moats, brand, and operational excellence while scaling the business geographically.