Used two-wheeler marketplace BeepKart shuts operations

BeepKart, the Bengaluru-based used two-wheeler marketplace, has shut down operations after a nearly five-year run. 

A statement on the startup’s website confirmed the closure, assuring support to existing customers. 

As per Inc42, co-founders Hemir Doshi and Abhishek Saraf are currently exploring the sale of BeepKart’s assets and tech stack, and also plan to return remaining capital to investors.

The closure comes weeks after BeepKart wound down its Chennai operations and laid off staff in the city, with gradual exits also underway in Bengaluru. Despite earlier claims of shifting to an asset-light model with improved profitability and investor conversations, the company struggled to sustain its business. 

Last year, Entrackr had exclusively reported the mass layoffs in BeepKart. 

Founded in 2021, BeepKart offered a full-stack platform for buying and selling used two-wheelers, covering inspection, refurbishment, financing, and warranties. The firm last raised $5.6 million in its Series A round from its existing investors including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures in April 2024. It had raised over $18 million throughout its journey.

In FY24, BeepKart reported a 165% YoY jump in revenue to Rs 100 crore, but losses also doubled to Rs 66 crore. Its FY25 results have yet to come.

BeepKart’s rival CredR shut down operations in October last year, while Cars24 also exited its Moto business, a similar vertical.