Speedioo Secures Rs 10 Crore in Funding to Transform Used Two-Wheeler Market

Pune-based used two-wheeler startup Speedioo has successfully raised Rs 10 crore in a seed funding round led by Atomic Capital. This funding will be allocated towards developing its AI-native technology stack, enhancing distribution capabilities, solidifying OEM partnerships, and scaling its dealer and retail network.

About Speedioo

Founded by former executives from CredR and Rentomojo, Sagar Potphode and Ajit Deshmukh, Speedioo operates as a comprehensive platform for buying and selling pre-owned two-wheelers. The startup emphasises improving aspects such as transparency, pricing mechanisms, sourcing, and customer experience.

AI Integration in Operations

Speedioo is making plans to embed AI throughout its value chain, which includes vehicle sourcing, assessment, price discovery, and sales operations. Additionally, the company intends to extend its reach into three to four more cities and enhance its retail footprint through a franchise-led approach.

Financial Performance

The startup claims it has boosted its topline by over five times in the past year while maintaining a positive EBITDA and cash flow. Speedioo has achieved over Rs 30 crore in gross merchandise value (GMV) and successfully sold more than 4,000 vehicles within this timeframe.

Dealer Partnerships

Currently, the company collaborates with more than 200 dealer partners across cities such as Bengaluru, Mumbai, and Pune, and plans to significantly enhance this network in the upcoming year. Speedioo has also teamed up with electric two-wheeler manufacturers to offer exchange programmes, focusing on potential opportunities in the expanding EV resale market.

Future Goals

Speedioo aims to achieve over Rs 100 crore in annual recurring revenue (ARR) within the next 12 to 18 months. As part of its growth strategy, the startup plans to enter new tier I, II, III, and IV markets while also rolling out financing and warranty products.