With the help of its current investors, Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures, BeepKart, a full stack retailer of used two-wheelers, has extended its Series A round by raising an additional Rs 54 crore, or roughly $6.5 million.
A regulatory filing obtained through the Registrar of Companies indicates that BeeKart’s board has approved a special resolution to issue 45,203 Series A2 CCPS at an issue price of Rs 11,935 each in order to raise Rs 54 crore.
Additionally, Chiratae and Stellaris Venture Partners have given BeepKart a portion payment of Rs 33.2 crore. It is anticipated that the remaining sum will be paid soon.
In October 2022, BeepKart completed a $9 million Series A round, with Vertex Ventures leading the investment.
As per the media, the company has raised approximately $18.5 million so far and has a valuation of approximately Rs 362 crore $44 million (after the allocation of new shares).
BeepKart, which was founded by Hemir Doshi and Abhishek Saraf, is a retailer of used motorcycles with names like Honda, TVS, Suzuki, Bajaj, Yamaha, Hero, and KTM. The company sets itself apart from online classified ads by offering dependable replacement parts, servicing, accessories, loans, and insurance for pre-owned motorcycles via network partners.
The business intends to expand to additional cities and is presently active in Bengaluru and Chennai.
BeepKart was a pre-revenue stage company until FY22, but in FY23 it showed some respectable growth. During the fiscal year that ended in March 2023, the company reported revenue of Rs 21.86 crore, but at the same time, its losses were recorded at Rs 27.88 crore. Its direct rivals are Bike Bazaar, OLX, and CredR.
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