New Delhi: Beepkart, an online platform for the sale and purchase of used two-wheelers, has raised USD 9 million in a funding round led by Vertex Ventures. The series-A round also saw participation from existing investors Stellaris Venture Partners and Chiratae Ventures.
Stellaris and Chiratae Ventures had led the USD 3-million seed round of the Bengaluru-based startup in September 2021, Stellaris said in a statement on Wednesday. (Also Read: Blinkit sets a new trend! The upcoming New Delhi store is run by 20 specially-abled individuals)
Founded in early 2021 by Hemir Doshi and Abhishek Saraf, Beepkart offers a transparent and product-led journey to sellers and buyers of used two-wheelers. (Also Read: Elon Musk's Burnt Hair perfume sold out; Netizens react in THIS way)
While used car sales are more than double new car sales, the used two-wheeler market is not that big, even though there are 24 crore two-wheelers on road.
According to industry reports, the used two-wheeler market is around USD 10 billion but is plagued by a lack of trust, convenience and value for money.
The startup will use the fresh capital for building internal products and systems and to scale up the business geographically.
