BeepKart, a prominent used two-wheeler marketplace in Bengaluru, has ceased its operations following nearly five years of service. A recent statement on the startup’s official website confirmed this shutdown, emphasising support for their existing customers. According to Inc42, co-founders Hemir Doshi and Abhishek Saraf are currently considering selling BeepKart’s assets and technology, as well as planning to return the remaining funds to investors. This closure follows the recently announced winding down of its Chennai operations and staff layoffs in that city, along with gradual reductions happening in Bengaluru.
Despite previous intentions to transition to an asset-light operational model aimed at enhancing profitability and engaging with investors, the company faced challenges in maintaining its business. Last year, Startup Superb had reported extensively on the mass layoffs within BeepKart. Established in 2021, BeepKart provided a comprehensive platform for both buying and selling used two-wheelers, including services such as inspection, refurbishment, financing, and warranties.
In April 2024, the firm raised $5.6 million in its Series A funding round from existing investors, including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures, bringing its total fundraising to over $18 million during its operational period. Although BeepKart witnessed a 165% year-on-year growth in revenue, reaching Rs 100 crore for FY24, the losses doubled to Rs 66 crore. Results for FY25 are still pending. It’s noteworthy that BeepKart’s competitor, CredR, also halted its operations in October last year, and Cars24 exited its Moto business, which represented a similar market segment.