Used two-wheeler marketplace Vutto raises $7 M Series A funding led by RTP Global
RTP Global led a $7 million (approximately Rs 61.4 crore) Series A funding round for used two-wheeler marketplace Vutto, with participation from Blume Ventures, an existing investor.
The startup, which is based in Delhi, had previously raised $1 million in seed money from Blume Ventures and several angel investors.
Vutto stated in a press release that the money raised would be used to increase its presence in Delhi NCR, penetrate new markets, and improve its core competencies in areas such as supply, renovation, and customer support.
In 2024, Rohit Khurana and Sitaram Ankilla co-founded Vutto, a full-stack platform for used two-wheeler buying and selling. Users can purchase two-wheelers that come with a six-month warranty and assistance with paperwork, insurance, and financing, as well as browse certified vehicles online and test drive them in-store.
A market study estimates that approximately 9 million used two-wheelers were sold in India in FY24, bringing in an estimated $3.8 billion in revenue.
In the first year of its launch, Vutto says it sold 1,500 cars. According to the startup, which has three showrooms in Delhi, cars listed on its platform usually sell within 12 days. Additionally, it says that it has partnered with banks and other financial institutions to sell two-wheelers that have been repossessed.
A similar startup, BeepKart, recently ceased operations after operating for almost five years. In October of last year, its competitor CredR ceased operations, and Cars24 also departed from its Moto business, which was in a similar vertical.
RoamPrime, Bikewale, and BikeDekho are the other prominent participants in this market.
