Beep Innovations Pvt Ltd, which runs full-stack online retailer for used two-wheelers BeepKart, has secured Series A funding of $9 million (around Rs 72 crore) led by Vertex Ventures Southeast Asia and India, with participation from existing investors Stellaris Venture Partners and Chiratae Ventures.
The Bengaluru-based startup will use the fresh funds to scale-up its digital stack, strengthening the brand and operations as well as expanding its geographical footprint.
Founded by Hemir Doshi and Abhishek Saraf in 2021, BeepKart buys two-wheelers from sellers and refurbishes them before selling them to buyers.
The company also offers a one-year free warranty, three free services, a three-day free trial period, and assured buyback options to its customers, making the second-hand two-wheeler buying process more transparent, it said in a statement.
“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,” said Hemir Doshi, co-founder and chief executive, BeepKart.
Limiting itself to Bengaluru so far, BeepKart now plans to expand its operations to Chennai. The company will enter newer geographies only after it properly settles its operations in Chennai, Doshi added.
In September last, BeepKart raised $3 million in its seed funding round led by Chiratae Ventures and Stellaris Venture Partners.
The round also saw participation from Varun Alagh of Mamaearth, Sahil Barua of Delhivery, Vivekananda Hallekere of Bounce, Kunal Shah of CRED, Ramakant Sharma of Livspace and Rajesh Yabaji of Blackbuck.
In the used two-wheeler space, BeepKart pits against Droom, CredR, BikeDekho, Olx, Bikewale, and Truebikes, among others.