Bengaluru based BeepKart Grabs $6.5 million in extended series A Funding Round
A full stack retailer of used two wheelers BeepKart, has recently extended in series A round of funding and secured a fund measuring Rs. 54 crore or approximately $6.5 million from its existing investors including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures.
The managerial board of the startup has passed a special resolution to issue 45,203 Series A2 CCPS at an issue price of Rs. 11,935 each to raise Rs. 54 crore, says the company’s regulatory filing. BeepKart has also received a part payment of Rs 33.2 crore from Chiratae and Stellaris Venture partners. The remaining amount is expected to follow shortly.
Prior to this funding, BeepKart, has bagged $9 million in its Series A round led by Vertex Ventures in October 2022, according to the exclusive report of Entarcker. According to the data intelligence platform TheKredible, the company has grabbed $18.5 million and currently the valuation of the company stands at Rs. 362 crore or $44 million.
The company was founded by Hemir Doshi and Abhishek Saraf in Bengaluru. The online platform sells used two-wheeler brands such as Honda, TVS, Suzuki, Bajaj, Yamaha, Hero, KTM, among others. The company differentiates itself from online classifieds as it also provides reliable spare parts, services, accessories, loans, and insurance for used bikes through network partners. Currently the company is operating in Bengaluru and Chennai and they are very keen to expand their business to other major cities of India.
BeepKartwas a pre-revenue stage firm till FY22 but it has recorded a decent growth during FY23. The company reported Rs. 21.86 crore revenue in the fiscal year ending March 2023 while its losses stood at Rs. 27.88 crore in the same period. It directly competes with CredR, OLX, and Bike Bazaar.
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The managerial board of the startup has passed a special resolution to issue 45,203 Series A2 CCPS at an issue price of Rs. 11,935 each to raise Rs. 54 crore, says the company’s regulatory filing. BeepKart has also received a part payment of Rs 33.2 crore from Chiratae and Stellaris Venture partners. The remaining amount is expected to follow shortly.
Prior to this funding, BeepKart, has bagged $9 million in its Series A round led by Vertex Ventures in October 2022, according to the exclusive report of Entarcker. According to the data intelligence platform TheKredible, the company has grabbed $18.5 million and currently the valuation of the company stands at Rs. 362 crore or $44 million.
The company was founded by Hemir Doshi and Abhishek Saraf in Bengaluru. The online platform sells used two-wheeler brands such as Honda, TVS, Suzuki, Bajaj, Yamaha, Hero, KTM, among others. The company differentiates itself from online classifieds as it also provides reliable spare parts, services, accessories, loans, and insurance for used bikes through network partners. Currently the company is operating in Bengaluru and Chennai and they are very keen to expand their business to other major cities of India.
BeepKartwas a pre-revenue stage firm till FY22 but it has recorded a decent growth during FY23. The company reported Rs. 21.86 crore revenue in the fiscal year ending March 2023 while its losses stood at Rs. 27.88 crore in the same period. It directly competes with CredR, OLX, and Bike Bazaar.
