Used two-wheeler platform Speedioo raises Rs 10 Cr Seed funding from Atomic Capital
In a seed fundraising round headed by Atomic Capital, Pune-based used two-wheeler firm Speedioo has raised Rs 10 crore.
The money raised will be utilized to boost its dealer and retail network, improve OEM relationships, increase distribution, and develop its AI-native technology stack.
Speedioo, a full-stack platform for buying and selling used two-wheelers, was founded by former CredR and Rentomojo executives Sagar Potphode and Ajit Deshmukh. Enhancing pricing, procurement, customer experience, and transparency are the startup’s main goals.
The business intends to include AI into all aspects of its value chain, including pricing discovery, car sourcing, assessment, and sales operations. Additionally, it wants to strengthen its retail presence through a franchise-led model and grow into three or four more cities.
Over the past 12 months, Speedioo claims to have increased its topline by more than five times while maintaining a positive cash flow and EBITDA. Over 4,000 vehicles have been sold by the firm, and its gross merchandise value (GMV) has surpassed Rs 30 crore.
The business currently has over 200 dealer partners across Bengaluru, Mumbai, and Pune, and over the course of the upcoming year, it intends to greatly expand this network. In order to take advantage of opportunities in the expanding EV resale market, it has also teamed with electric two-wheeler manufacturers for exchange programs.
Within the next 12 to 18 months, Speedioo hopes to generate more than Rs 100 crore in annual recurring revenue (ARR). The startup intends to develop finance and warranty solutions in addition to entering additional tier I, II, III, and IV markets as part of its expansion strategy.
