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BeepKart bags $6.5 Mn in extended Series A round

EntrackrEntrackr · 1y ago
BeepKart bags $6.5 Mn in extended Series A round
Medial

BeepKart, a full stack retailer of used two-wheelers, has extended its Series A round by securing Rs 54 crore (approximately $6.5 million) from its existing investors including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures. The board at BeeKart has passed a special resolution to issue 45,203 Series A2 CCPS at an issue price of Rs 11,935 each to raise Rs 54 crore, its regulatory filing accessed through Registrar of Companies shows. BeepKart has also received a part payment of Rs 33.2 crore from Chiratae and Stellaris Venture partners. The remaining amount is expected to follow shortly. BeepKart last raised $9 million in its Series A round led by Vertex Ventures in October 2022. Entrackr exclusively reported the development. According to the data intelligence platform TheKredible, the company has secured around $18.5 million to date and is valued at around Rs 362 crore $44 million (post-allotment of new shares) Founded by Hemir Doshi and Abhishek Saraf, BeepKart sells used two-wheeler brands such as Honda, TVS, Suzuki, Bajaj, Yamaha, Hero, KTM, among others. The company differentiates itself from online classifieds as it also provides reliable spare parts, services, accessories, loans, and insurance for used bikes through network partners. The company currently operates in Bengaluru and Chennai and plans to expand its operations to other cities. BeepKart was a pre-revenue stage firm till FY22 but it posted decent growth during FY23. The company reported Rs 21.86 crore revenue in the fiscal year ending March 2023 while its losses stood at Rs 27.88 crore in the same period. It directly competes with CredR, OLX, and Bike Bazaar.

Exclusive: BeepKart lays off more than 100 employees

EntrackrEntrackr · 12m ago
Exclusive: BeepKart lays off more than 100 employees
Medial

BeepKart, a Bengaluru-based full stack retailer of used two-wheelers, has laid off more than 100 employees in the past few months, sources aware of the development told Entrackr. Sources added that the company conducted the layoffs in phases, starting right after the fundraise in April this year. The move has affected more than 20% of the workforce, with employees across various verticals, including marketing, tech, product, and operations, being laid off. “A few senior roles were also impacted. The layoffs, however, came as a surprise as it happened right after the funding. The company likely made the move to focus on profitability,” a source, who did not want to disclose their identity, told Entrackr. BeepKart declined to comment on the layoffs. Founded in 2020 by Hemir Doshi and Abhishek Saraf, BeepKart helps people buy and sell used two-wheelers. The company currently operates in Bengaluru and Chennai. As per startup data intelligence platform TheKredible, the company has secured around $18.5 million to date and is currently valued at around Rs 362 crore $44 million (post-allotment of new shares). In April, BeepKart raised $6.5 million in an extended Series A round. Entrackr exclusively reported the development. The company counts Stellaris Venture Partners, Vertex Ventures, Innoven Capital, and Chiratae Ventures, among others as its backers. BeepKart directly competes with CredR and Bike Bazaar. BeepKart was a pre-revenue stage firm till FY22 but it posted decent growth during FY23. The company reported Rs 21.86 crore revenue in the fiscal year ending March 2023 while its losses stood at Rs 27.88 crore in the same period. The firm is yet to file its annual report for FY24. Layoffs right after a fundraise is rare though they do happen. Last year, e-commerce-focused packaging company Bizongo laid off employees shortly after announcing a $50 million funding round. Similarly, Coffee chain firm Third Wave Coffee fired more than 100 employees months after raising $35 million in a Series C round whereas Euler Motors trimmed 10% of its workforce within six months of a $60 million round.

HexaHealth secures fresh funds led by Orios VP

EntrackrEntrackr · 3m ago
HexaHealth secures fresh funds led by Orios VP
Medial

Healthcare platform HexaHealth is set to raise Rs 37 crore (approximately $4.3 million) in its ongoing Series A round led by Orios Venture Partners with the participation of Enzia Ventures and existing investors including 3one4 Capital, Chiratae Ventures, and Omidyar Network. The board at HexaHealth passed a special resolution to issue 49,941 Series A3 compulsory convertible preference shares at an issue price of Rs 6,848 to raise the aforementioned sum, as per its regulatory filing. Orios Venture Partners will lead the round with an investment of Rs 12 crore, followed by Enzia Ventures contributing Rs 6 crore. Other investors, including 3one4 Capital, Chiratae Ventures, ITI Growth Opportunities Fund, and Omidyar Network, will each invest Rs 4 crore. The proceeds will be used for working capital, marketing, and general corporate purposes. Post-allotment, the company's estimated valuation is Rs 314 crore (approximately $37 million). Founded in 2021 by Vikas Chauhan, Ankur Girgas, and Aman Khanna, HexaHealth offers a full-stack solution for patients requiring surgery by partnering with leading hospitals. HexaHealth has raised $11.5 million to date, including a $4.5 million seed round in September 2021.

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