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BeepKart bags $6.5 Mn in extended Series A round
Entrackr
ยท
1y ago
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.
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Lobb Bags $2.9 Mn To Disrupt Digital Freight Brokerage Space
Inc42
ยท
1y ago
Medial
Bengaluru-based digital freight broker Lobb has secured $2.9 million in an extended Pre-Series A funding round. The company, which boasts being one of the fastest-growing digital freight brokerage platforms in India, works with over 1,200 logistics firms and more than 5,000 fleet owners. This funding news comes shortly after another Indian supply chain startup, Wiz Freight, raised $15 million in a Series B funding round.
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Exclusive: BeepKart lays off more than 100 employees
Entrackr
ยท
12m ago
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. โA 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,โ 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.
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Chiratae-backed BeepKart hits the road to raise Series B capital
VCCircle
ยท
8m ago
Medial
Chiratae-backed BeepKart hits the road to raise Series B capital Premium BeepKart founders Hemir Doshi (left) and Abhishek Saraf BeepKart, an online platform to buy and sell used scooters and bikes, is planning to raise its Series B round of funding and is in early-stage talks with institutional investors, two people aware of the development told VCCircle. The startup, operated by Beep Innovations Pvt. Ltd, is looking to secure as ......
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Accacia Bags $6.5 Mn To Offer Decarbonisation Solutions To Realty Firms
Inc42
ยท
1y ago
Medial
Real estate-focused cleantech startup Accacia has raised $6.5 million in a Pre-Series A funding round led by Illuminate Financial. The company offers an AI-enabled SaaS platform that helps real estate asset managers, owners, and developers track their emissions and design their net-zero journey. Accacia's platform integrates with existing property management, energy management, and procurement systems to automate real-time data capturing and tracking. The funding round comes at a crucial time as regulatory bodies are emphasizing the need for comprehensive and real-time climate risk data. Accacia plans to leverage this opportunity and scale globally.
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QNu Labs bags $6.5 Mn to provide quantum technology-based cybersecurity solutions
Inc42
ยท
1y ago
Medial
Quantum-safe cybersecurity firm QNu Labs has raised $6.5 million in a pre-Series A1 funding round led by Ashish Kacholia of Lucky Investments. The funding will be used for expansion and hiring new talent to bolster the company's growth. QNu Labs offers quantum and post-quantum cryptography solutions for data security and privacy against new-age attacks. The firm aims to solidify India's position as a hub for quantum technology and become a key player in global quantum-safe cybersecurity.
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OmniCard Bags $3 Mn Funding
Inc42
ยท
1y ago
Medial
OmniCard, a spend management startup, has raised $3 million in a pre-Series A funding round led by Ankurit Capital and Taisys. The company plans to expand its customer base from 2 million users to 10,000 enterprises by FY 2027. This investment also represents Taisys' first investment in an Indian startup.
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Astrotalk Bags INR 78.3 Cr From Left Lane Capital And Elev8 Capital
Inc42
ยท
1y ago
Medial
Astrotalk, an astrology consultation platform, has raised INR 78.3 Cr ($9.5 Mn) in an extended Series A funding round led by Left Lane Capital and Elev8 Capital. The company's board has approved the issuance of 5,067 compulsory convertible preference shares. Additionally, Astrotalk is currently in discussions to secure an additional $30 Mn in funding.
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Stellapps Bags $26 Mn To Scale Up Its Dairy Product Offerings
Inc42
ยท
9m ago
Medial
Stellapps, a dairy technology startup, raised $26 million in a Series C funding round. The funds will be used to expand its mooMark business. The majority of the investment came from existing investors. This follows the company's previous $20 million funding round in January.
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Chai Kings bags $3 Mn in Series A round
Entrackr
ยท
4m ago
Medial
Snippets Chai Kings bags $3 Mn in Series A round Chennai-based chai retail chain Chai Kings has raised $3 million (Rs 24 crore) in its Series A funding round from A.V. Thomas and Co. (AVT). Chennai-based chai retail chain Chai Kings has raised $3 million (Rs 24 crore) in its Series A funding round from A.V. Thomas and Co. (AVT). Earlier in January 2020, the tea brand had raised $1 million in its seed round from Chennai Angels (TCA), Hyderabad Angels and TiE India Angels. As part of this round, The Chennai Angels (TCA) are making a partial exit with substantial returns. The proceeds will be used to accelerate its expansion plans, enhance its product offerings, and further strengthen its supply chain. It will also be used in customer engagement and operational efficiencies. Founded by Jahabar Sadique and Balaji Sadagopan, Chai Kings offers a premium and hygienic chai experience, serving a diverse range of tea blends with a focus on quality, sustainability, and customer delight. Since its inception in 2016, Chai Kings claims to have operated 57 stores across Chennai, Hyderabad, and Coimbatore. The brand is known for its quality tea offerings, sustainable packaging, and customer-centric approach. Chai Kings claims that it will close FY25 with a revenue of Rs 48 crore with a positive EBITDA. The firm has plans to double its revenue over the next two years while maintaining profitability.
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ProcMart Bags $30 Mn To Boost Supply Chain Integration For Businesses
Inc42
ยท
1y ago
Medial
Noida-based B2B procurement marketplace ProcMart has raised $30 million in a Series B funding round led by Fundamentum Partnership and Edelweiss Discovery Fund. The company plans to use the capital to explore strategic acquisitions, expand its distribution network, strengthen international operations, and enter new industries. ProcMart connects stakeholders in the supply chain, offering comprehensive solutions for indirect sourcing requirements. The startup currently operates in 20 cities in India and in Malaysia and Indonesia. ProcMart had previously raised $10 million in a Series A funding round.
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