[Funding alert] Vertex Ventures leads Series A round in BeepKart

BeepKart, a marketplace for used two-wheelers, has raised $9 Mn (INR 74.55 Cr) in a strategic fundraising round that was spearheaded by Vertex Ventures.

According to a regulatory filing with the Registrar of Companies, the board of BeepKart has approved a special resolution to issue 62,043 Series A compulsory cumulative preference shares at a price of $145.06 per share in order to raise $90,00,102, or Rs 72.3 crore, as per reported by Entracker.

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Vertex Ventures led the round with Rs 36.6 crore, and BeepKart received investments from Stellaris Ventures and Chiratae Ventures totaling Rs 18.31 crore each.

Hemir Doshi and Abhishek Saraf founded BeepKart to make it easy for customers to browse, choose, and reserve their chosen secondhand 2-wheeler brands, including Honda, TVS, Suzuki, Bajaj, Yamaha, Hero, and KTM. In addition to offering trustworthy spare parts, services, accessories, loans, and insurance for used motorcycles through network partners, the organisation sets itself apart from online ads.

The funding will be used by BeepKart to carry out its "business plan."

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About BeepKart

BeepKart is building a platform to digitize and organize the used two-wheeler market. The team has backgrounds in serial entrepreneurship, tech VC, mobility, software, and fast-scaling start-up operations. The company is adequately seed-funded by the founders.