The Bengaluru-based used two-wheeler retailing startup Beepkart recently raised a funding of Rs 73.2 crore or $9.15 million. According to the company’s recent regulatory filing, it was revealed that the series A funding round was led by the investment arm of Singapore’s sovereign fund Temasek Holdings – Vertex Ventures. In order to raise $90,00,102, or Rs 72.3 crore, the board of BeepKart passed a special resolution to issue 62,043 Series A compulsory cumulative preference shares at a price of $145.06 per share.
Just a year ago Beepkart also managed to raise $3 million in a seed round, which was led by Stellaris and Chiratae Ventures. This time around the Bengaluru-based startup’s funding round was headed by Vertex Ventures which was also accompanied by Stellaris and Chiratae Ventures. Vertex Ventures in this round funded Rs 36.6 crore meanwhile the other two of the early investors contributed Rs 18.31 crore each in BeepKart.
After allocation, it has been estimated that the company is worth around Rs 306 crore ($38 million). Including $1 million in loans from InnoVen in February of this year, the business has so far raised approximately $13 million. Top angel investors in the startup community, including Varun Alagh, Sahil Barua, Vivekananda Hallekere, Kunal Shah, Ramakant Sharma, and Rajesh Yabaji, also supported it during the seed stage.
Vertex Ventures acquired 31,021 shares through its SEA (South-East Asia) Fund for a total of $4.5 Mn (INR 37.27 Cr), according to the data breakdown from the regulatory filing. Similar to this, Stellaris Venture secured 15,511 shares through its India Trust II fund for a total of $2.25 million (INR 18.63 Cr). Chiratae Ventures made an investment in the firm through its company Vistra ITCL, obtaining a total of 15,511 shares for $2.25 million.
BeepKart was founded by Hemir Doshi and Abhishek Saraf in an attempt to make it simpler for users to explore, choose, and reserve their preferred used 2-wheelers from brands such as Honda, TVS, Suzuki, Bajaj, Yamaha, Hero, and KTM. The company distinguishes itself from internet adverts by providing reliable replacement parts, services, accessories, financing, and insurance for used bikes through network partners.
After performing more than 80 inspections, BeepKart acquires secondhand two-wheelers from independent vendors. The firm gives the bikes a value-for-money makeover, making them as good as new. The startup now outsources its maintenance work but will soon open its own refurbishing facility. Customers may easily browse the available options, book their favourite bike for a refundable Rs 499, and request a test drive at their residence or directly at BeepKart’s hub. After the test drive, customers may review the paperwork, settle the balance, and drive away right away in their two-wheeler.
In just eight months, BeepKart has already sold approximately 100 different two-wheeler models under 11 different brand names. There are scooters, commuting cycles, and performance bikes available from the company. The full-stack mobility startup bases the cost of its vehicles on a number of variables, including brand, model, year of manufacture, etc. Typically, a consumer may save between Rs 40,000 and Rs 70,000 by purchasing a BeepKart two-wheeler that is good value for the money and comes with a guarantee.