Beep Innovations, which operates the full-stack online retailer for used two-wheelers BeepKart, has raised $9 million (approximately Rs 72 crore) in Series A funding led by Vertex Ventures Southeast Asia and India, with participation from existing investors Stellaris Venture Partners and Chiratae Ventures.
BeepKart raised $3 million in seed funding last September, led by Chiratae Ventures and Stellaris Venture Partners. Varun Alagh of Mamaearth, Sahil Barua of Delhivery, Vivekananda Hallekere of Bounce, Kunal Shah of CRED, Ramakant Sharma of Livspace, and Rajesh Yabaji of Blackbuck also took part in the round. BeepKart competes with Droom, CredR, BikeDekho, Olx, Bikewale, and Truebikes in the used two-wheeler space.
“The BeepKart team has patiently built out its playbook in Bengaluru, is profitable at a city level and is ready to gradually replicate elsewhere while continuing to learn,” said Hemir Doshi, Co-founder and chief executive, BeepKart.
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