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Exclusive: BeepKart Fires 130 Employees In 5 Months To Cut Costs, Halves Store Count

Inc42Inc42 · 1y ago
Exclusive: BeepKart Fires 130 Employees In 5 Months To Cut Costs, Halves Store Count
Medial

1. BeepKart recently conducted three rounds of layoffs, resulting in the termination of approximately 60-70 employees last month. 2. The startup has been actively cutting costs and closed down six stores out of its total of 11 located in Bengaluru and Chennai within the past five months. 3. BeepKart offers a comprehensive platform for users to purchase and sell pre-owned motorcycles online, and counts Vertex Ventures and Stellaris Venture Partners among its backers. 4. The recent layoffs were part of the company's ongoing efforts to control expenses and streamline operations. 5. BeepKart's full-stack model enables a seamless experience for customers looking to buy or sell used two-wheelers. 6. The closure of six stores suggests a strategic shift towards focusing more on online sales rather than maintaining physical storefronts.

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Exclusive: BeepKart lays off more than 100 employees

EntrackrEntrackr · 1y 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.

Exclusive: Powerplay valuation halves in fresh funding

EntrackrEntrackr · 6m ago
Exclusive: Powerplay valuation halves in fresh funding
Medial

Exclusive: Powerplay valuation halves in fresh funding Construction management startup Powerplay is set to raise fresh capital from its existing backers, Accel India and Surge Ventures, after a three-year funding gap, but at a steep 57% valuation markdown. The board at Powerplay has passed a special resolution to issue 1,739 Series A2 CCPS at an issue price of Rs 98,512.12 per share, to raise Rs 17.13 crore (approximately $2 million), according to the company’s regulatory filings with the Registrar of Companies (RoC). Accel India and Surge Ventures will participate in Powerplay’s new round with Rs 8.56 crore each. According to the startup data intelligence platform TheKredible, the company will be valued at around Rs 258 crore or $30 million post-money, marking a 57% valuation cut, compared to its previous $7 million funding round in August 2022 led by Accel, which valued the company at around Rs 600 crore or $75 million. The company has raised Rs 117 crore to date. As per the filing, after this round, Accel will be the largest external stakeholder with a 21.25% stake, followed by India Quotient and Surge Ventures, which will hold 15.70% and 15.47%, respectively. Its co-founders, Iesh Dixit and Shubham Goyal, will cumulatively own 38.22% of the company. Founded in 2019 by Iesh Dixit and Shubham Goyal, Powerplay simplifies site-to-office communication to manage construction and architectural projects. It enables construction companies to track progress, attendance, material management, invoices, issue tracking, and budget management. Powerplay is yet to file its financial statements for FY25. The Bengaluru-based startup saw its revenue grow 43% to Rs 4.39 crore in FY24 from Rs 3.07 crore in FY23. At the same time, its losses reduced by 14% to Rs 31.92 crore.

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