BeepKart, a full stack retailer of used two-wheelers, has raised Rs 73.2 crore or $9.15 million led by Vertex Ventures. The development comes after a year of the Bengaluru-based startup’s $3 million seed round which was led by Stellaris and Chiratae Ventures.
The board at BeepKart has passed a special resolution to issue 62,043 Series A compulsory cumulative preference shares at an issue price of $145.06 per share to raise $90,00,102 or Rs 72.3 crore, regulatory filing with the Registrar of Companies shows.
Vertex Ventures spearheaded the round with Rs 36.6 crore while Stellaris Ventures and Chiratae Ventures pumped in Rs 18.31 each in BeepKart.
As per Fintrackr’s estimates, the company has been valued at around Rs 306 crore or $38 million, post allotment. So far, the company has raised over $13 million including $1 million in debt from InnoVen in February this year. During the seed round, it was also backed by top angels in the startup ecosystem which includes Varun Alagh, Sahil Barua, Vivekananda Hallekere, Kunal Shah, Ramakant Sharma and Rajesh Yabaji.
Founded by Hemir Doshi and Abhishek Saraf, BeepKart allows buyers to conveniently browse, select and book their preferred used 2-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.
While BeepKart is yet to file its annual statements for FY22, the company is in the pre-revenue stage in FY21 and recorded a loss of Rs 35 lakhs during the financial year ending March 2021.
BeepKart directly competes with CredR, Droom, OLX and Bike Bazaar. In June last year, CredR raised a $6.5 million round led by Yamaha whereas Bike Bazaar raised $21.3 million led by Women’s World Banking Asset Management. Droom filed its draft documents for IPO in November 2021, however, the Singapore-registered company is yet to get the final nod from SEBI.
Update: An earlier version of the story mistakenly mentioned Vertex Venture as an investment arm of Temasek. The story and headline have been updated to mention the correct information.