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Used two-wheeler marketplace BeepKart shuts operations

EntrackrEntrackr · 2d ago
Used two-wheeler marketplace BeepKart shuts operations
Medial

BeepKart, the Bengaluru-based used two-wheeler marketplace, has shut down operations after a nearly five-year run. A statement on the startup’s website confirmed the closure, assuring support to existing customers. As per Inc42, co-founders Hemir Doshi and Abhishek Saraf are currently exploring the sale of BeepKart’s assets and tech stack, and also plan to return remaining capital to investors. The closure comes weeks after BeepKart wound down its Chennai operations and laid off staff in the city, with gradual exits also underway in Bengaluru. Despite earlier claims of shifting to an asset-light model with improved profitability and investor conversations, the company struggled to sustain its business. Last year, Entrackr had exclusively reported the mass layoffs in BeepKart. Founded in 2021, BeepKart offered a full-stack platform for buying and selling used two-wheelers, covering inspection, refurbishment, financing, and warranties. The firm last raised $5.6 million in its Series A round from its existing investors including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures in April 2024. It had raised over $18 million throughout its journey. In FY24, BeepKart reported a 165% YoY jump in revenue to Rs 100 crore, but losses also doubled to Rs 66 crore. Its FY25 results have yet to come. BeepKart’s rival CredR shut down operations in October last year, while Cars24 also exited its Moto business, a similar vertical. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

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

Inc42Inc42 · 10m 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.

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: Bike Bazaar raises debt from MAS Financial

EntrackrEntrackr · 1y ago
Exclusive: Bike Bazaar raises debt from MAS Financial
Medial

Two-wheeler financing and e-commerce platform Bike Bazaar has raised Rs 25 crore (approximately $3 million) in debt from MAS Financial. This is the first debt round for the Pune-based company in 2024. The board at Bike Bazaar has passed a special resolution to issue 2,500 NCDs (non-convertible debentures) at an issue price of Rs 1,00,000 each to raise Rs 25 crore, its regulatory filing accessed from the Registrar of Companies shows. According to the filings, the debt investment is for the tenure of 30 months with a rate of interest rate of 10.70% per annum. Bike Bazaar has raised around $80 million to date including its $30 million round led by Women’s World Banking Asset Management (WAM) which closed in February last year. According to the startup data intelligence platform TheKredible, Elevar Equity is the largest external stakeholder with 25% followed by Faering Capital’s 22%. Its co-founders Srinivas Kantheti and Karunakaran Vadakkepa cumulatively command 12.47% of the company. Founded in 2017, Bike Bazaar provides financing services to customers looking to buy a two-wheeler. The platform also facilitates loans for used two-wheelers and electric two-wheelers and as per its website, the company has financed over 300,000 vehicles to date. Besides financing, Bike Bazaar also has a marketplace for selling and buying two-wheelers. The company plans to use the fresh funds to scale this marketplace and aims to expand its presence in the rural market. Bike Bazaar is yet to file its financial statement for FY24 but its income from operations surged 20% to Rs 180 crore in FY23, as per its annual financial statement filed with the RoC. The company managed to control its losses to Rs 43 crore in FY23 from Rs 55 crore in the previous year. Bike Bazaar competes with startups such as Cars24, Droom, CredR, and others.

Uber in deal with Shadowfax to integrate two-wheeler fleet

Economic TimesEconomic Times · 10m ago
Uber in deal with Shadowfax to integrate two-wheeler fleet
Medial

- Uber has partnered with hyperlocal logistics provider Shadowfax. - Shadowfax's two-wheeler fleet will be integrated with Uber's UberMoto bike-taxi service. - Two-wheeler riders working with Shadowfax can switch to UberMoto during lean hours to offer bike-taxi services. - This partnership allows Uber to strengthen its bike-taxi operations and expand to towns where Shadowfax operates. - Uber plans to create third-party integrations with existing two-wheeler service providers to double its supply pool. - This is part of Uber's strategy to become the operating system for multiple form factors. - Shadowfax aims to diversify offerings to its two-wheeler driver partners and become the most diversified third-party logistics player in India. - When riders request UberMoto, they may be matched with Shadowfax drivers, but the rider experience will remain unchanged. - There is a revenue-sharing arrangement between Uber and Shadowfax for rides booked on UberMoto serviced by Shadowfax drivers.

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