Automation Platform SheerDrive Raises Undisclosed Amount In Pre-Series A Funding The fund raised will help the company to expand into new geographies and enhance the tech stack for new car dealerships, unlocking significant value in used car transactions
By Teena Jose •
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Mumbai-based Digital AI/ ML pre-owned vehicle platform, SheerDrive, has raised an undisclosed amount in pre-Series A funding round led by Inflection Point Ventures. The round also saw participation from investors including Prajit Nanu (co-founder and CEO, NIUM), JITO Angel Network, INSEAD Angels India, Group Landmark, Volrado Venture Fund, and others. The fund raised will help the company to expand into new geographies and enhance the tech stack for new car dealerships, unlocking significant value in used car transactions.
"Our goal is to address legacy issues around convenience, transparency, and pricing for both new car dealers and customers. We have developed a pioneering AI-ML-based VIAR technology platform, which is dedicated to accelerating pre-owned transactions and driving value for all stakeholders. We are thrilled to have Inflection Point Ventures (IPV) partner with us in our mission to revolutionize the used car market in India. This investment underscores our position as a leading player in the pre-owned vehicle platform market, and we believe IPV's expertise and support will help us achieve our ambitious growth targets," said Ravi Mehra, CEO and co-founder, SheerDrive.
The new investment will allow SheerDrive to further accelerate its growth and scale its offerings across the country. In an official statement, the company said that is currently delivering 41% Q-o-Q growth and is unit- positive and envisions to achieve a GMV ARR of $500 million and transactions for over 100,000+ vehicles across 35 cities by FY2025, adding that it is planning to go live in 19 cities and facilitate used-car transactions worth over $40 million.
"With SheerDrive's unique digital platform 'VIAR' car upgraders get the opportunity to sell their old car at a fair price similarly the new car dealer gets to transact on the used car without making any losses or getting stuck with working capital issues. With the entire buying/selling process being automated, this platform ensures transparency and reliability to their stakeholders," said Mitesh Shah, co-founder, Inflection Point Ventures (IPV).
