BeepKart, a full-stack online retailer of used two-wheelers based in Bengaluru, has announced the completion of a $3 million seed round backed by Stellaris Venture Partners and Chiratae Ventures.
BeepKart, founded by Hemir Doshi and Abhishek Saraf, is addressing the trust deficit in the enormous secondhand two-wheeler market with a tech-first strategy.
BeepKart seeks to close the gap between the buying and owning of new and secondhand two-wheelers. Unlike classifieds sites, BeepKart’s vertical emphasis gives used two-wheeler purchasers the assurance they need about price, quality, and after-sales support.
Hemir Doshi, Co-founder and CEO, BeepKart said, “Two-wheelers form over 80 percent of India’s vehicle base, and there are seven times as many used two-wheelers sold every year as used cars. Buying a scooter or motorcycle is one of the key purchase decisions by the Indian consumer, yet the market suffers from a lack of rules and a great trust deficit. In our view, two-wheelers are more amenable to online sales than cars and the decision to buy and sell is made more quickly. We are seeing good early traction for our buyer focused online brand and offering.”
Ritesh Banglani, Partner at Stellaris Venture Partners, said, “Used vehicles represent one of the largest retail categories globally with virtually no online penetration in used two-wheelers in India. Globally, very large companies have been built selling used cars online. I believe the largest vehicle commerce companies in India will sell bikes and scooters, not cars. With Hemir and Abhishek’s experience in scaling and running operationally intensive businesses, we are confident BeepKart will be the largest company in this category.”