BeepKart Raises INR7.5 Crore Led By InnoVen Capital

BeepKart, a full-stack online retailer of used bikes, on Wednesday announced to have raised INR 7.5 crore led by InnoVen Capital. The recent investment underlines the firm's commitment to back promising start-ups that are disrupting their respective categories.

"Our focus is to deliver a brilliant user experience and for a BeepKart bike to become the brand of choice for millions seeking value-for-money personal mobility. With our recent equity funding as well as venture debt, we are well-positioned to execute towards an aggressive growth path," said Hemir Doshi, co-founder, BeepKart

The pandemic brought the market of used vehicles to prominence. An online platform for buying and selling used cars, 46 per cent of the general public claimed a decline in the purchase of new vehicles due to a budget crunch. While 50 per cent were in favour of pre-owned vehicles because it not only solved the purpose of privacy during a commute but was a cheaper and more viable alternative, according to a survey conducted by Cars24.

"While India is the largest two-wheeler market in the world, the used two-wheeler market remains fragmented & opaque. A full-stack business model delivers high value in vehicle e-commerce. Two-wheelers are a great use case for an online product journey. We look forward to partnering with BeepKart as they continue to build," said Tarana Lalwani, founding partner, InnoVen Capital.

Founded by Hemir Doshi and Abhishek Saraf, BeepKart is building a buyer-focused brand of used two-wheelers. The company is taking a digital-first approach to provide the trust that buyers seek in the category. BeepKart is taking a digital-first approach to solving for the lack of trust and broken customer experience that exists in the multi-billion dollar used two-wheeler market.