Beepkart, an online two-wheeler marketplace, said it has raised $9 million in a funding round led by Vertex Ventures South East Asia & India, according to ETtech report.
Existing investors Stellaris Venture Partners and Chiratae Ventures, which had led the company’s $3 million seed round in September 2021 also participated in the funding round.
The startup will use the funding to scale up the business, customer experience, internal products and systems, as well as branding and operations.
“A combination of an internal and external product-led strategy, operational excellence across the stack of activities, and the right value system can help transform the used 2-wheeler market, which is far more unorganised than the used-car market,” said Hemir Doshi, cofounder & CEO, Beepkart.
“The BeepKart team has patiently built out its playbook in Bengaluru, is profitable at a city level, and is ready to gradually replicate elsewhere while continuing to learn,” he said.
“Two-wheelers are more than just a personal commuting solution as millions of Indian families depend on them for their livelihood,” said Piyush Kharbanda, general partner, Vertex Ventures Southeast Asia and India “The used two-wheeler market, which by all accounts should be a thriving, well-orchestrated market, is plagued by issues that make it a classic market for lemons (vehicles that appear fine but are defective).”
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