Introduction:
Online brand for motorcycles that are used. It is creating a used bike brand that caters to consumers. In this category of high attention and participation, establishing the confidence that consumers desire requires putting the digital-first. In order to make obtaining and owning a utilized two-wheeler as hassle-free and haggle-free as obtaining an unused two-wheeler, BeepKart is contributing to the creation of buyer-friendly controls. Through the entry, buyers can find the cruisers, examine their highlights and depictions, plan a test ride, and do much more.
Company Highlights:
| Company Name | BeepKart |
| Headquarter | Bengaluru, Karnataka |
| Industry | Bike |
| Founded | 2020 |
| Founder | Hemir Doshi and Abhishek Saraf |
| Website | https://beepkart.com/ |
BeepKart – About:
BeepKart, situated in Bengaluru, Karnataka, is creating a utilized two-wheeler brand that caters to buyers. In this profoundly considered and included zone, building up the certainty that buyers want requires putting the advance, to begin with. In order to form the method of acquiring and owning a utilized two-wheeler as hassle-free as obtaining an unused one, BeepKart is contributing to the creation of buyer-friendly controls. The group has encountered fast-growing start-up operations, versatility, tech wander capital, making category pioneers, and serial business. Among the brands they give are Bajaj, Saint, Honda, Suzuki, Yamaha, and TVS.
Industry:
Users of BeepKart‘s digital marketplace may purchase or sell old bikes online. Through its network of partners, it provides financing, insurance, accessories, and replacement parts for secondhand motorcycles.
Founder and Team:
The company was founded in 2020 and is based in Bengaluru, India. Hemir Doshi and Abhishek Saraf founded BeepKart.
(Co-founder)
(Co-founder)
Startup Story:
Young commuters and Indian families always choose two-wheelers. When there is heavy traffic and inadequate or inconsistent public transportation, these cars are convenient to utilize for commuting. The mobility firm, founded in 2020 by Hemir and Abhishek Saraf, is situated in Bengaluru and offers reasonably priced, as-good-as-new two-wheelers digitally. It makes the same and greater promises about trust and convenience as a two-wheeler maker. The startup provides a one-year warranty, three complimentary services within the year, a fixed price and transparent quality report of the vehicles, worthwhile upgrades through the replacement of worn-out parts, a three-day (or 100-kilometer) return policy with no questions asked, and a buy-back program. For its reconditioned two-wheelers, Beepkart also provides finance and insurance alternatives to its customers.
Mission and Vision:
Millions of people will be able to affordably access personal mobility because of it. Almost everyone would choose a used two-wheeler over a new one if it offered sufficient trust, convenience, and value for the money. Technology is being used by BeepKart to address this. They wish for the day when BeepKart bikes become well-known due to the support of its customers! The goal of the company is to close the experience gap between purchasing and owning new and used two-wheelers.
Name, Tagline, and Logo:
Business Model:
The business strategy of BeepKart provides consumers and sellers with an open, product-focused experience. A 10,000-kilometer or one-year warranty is provided by the firm with every car purchase. Additionally, it provides three complimentary services right at your door.
Revenue Model:
An online marketplace for purchasing and selling secondhand scooters and two-wheelers is created by BeepKart, a Bengaluru-based business. Like other structured retail businesses, BeepKart bases its business strategy on selling bikes at a set retail price. According to BeepKart, since its founding, almost all of its sales have resulted in profits. It provides merchants and customers with an open, product-focused experience by prioritizing digital platforms. The business offers vendors and consumers a set pricing experience free from haggling by utilizing data and analytics. Additionally, it provides all services, including inspection and paperwork, under one roof.
Products and Services:
Among BeepKart’s offerings are:
- Record-keeping and examination.
- Loans, insurance, accessories, and spare components.
- A fixed-price experience without haggling.
- A consumer-focused used 2-wheelers.
Funding and Investors:
- In three investment rounds, it has raised a total of $12.3 million.
- On September 09, 2021, it held its first investment round.
- On October 8, 2022, a $9.15 million Series A investment round was its most recent round of funding.
- Its most recent round included five investors, led by Temasek, Innoven Capital, and Vertex Ventures.
- Nine institutional investors, including Temasek, Vertex Ventures, and Innoven Capital, are in BeepKart. The largest institutional investor in BeepKart is Stellaris Venture Partners. Rajesh Sawhney and 9 others are Angel Investors in it.
Employees:
BeepKart has 181 employees as of Nov 23.
Challenges Faced:
Beepkart faced some key challenges like –
- scaling up the product photography process is difficult.
- arduous procedure for obtaining product photos.
- a drawn-out procedure while taking pictures in various settings.
- inconsistent product photography.
- 5-8 day turnaround time (TAT) is high.
- enormous expenses.
Acquisitions:
There is no acquisition happening.
Growth:
The fact that Vertex Ventures SEA and India included BeepKart in Fund V, which closed recently at $541 million, suggests that the investment firm views the company as a high-growth business. This suggests that BeepKart may be expanding. The fact that BeepKart is consistently mentioned in different papers as a component of Vertex’s portfolio implies that Vertex believes highly of this endeavor. Moreover, it appears to be a member of a group of businesses that are in the development stage given its affiliation with Vertex, which has made over 80 investments in early-growth stage firms.
Partners:
There is no details of it.
Competitors:
BeepKart finishes in third place with 59 competitors overall. A total of 32 financing rounds with 132 investors have raised about $487 million for BeepKart and its competitors. CredR, Bike Bazar, and Droom were some of it’s primary competitors.
Awards and Achievements:
In April 2023, BeepKart won the Economic Times Business Award for “Most Trusted E-commerce Platform for Used 2-wheeler”.
Future Plan:
By 2025, deals of 26.6 million units are expected, showing a respectable compound yearly development rate of 2.6 percent for the projection period (2020-2025). Comparative to the utilized vehicle industry, the volume of the utilized two-wheeler showcase is greater than that of the modern two-wheeler advertise, and it is expected to create at a distant faster rate.
Conclusion:
In conclusion, BeepKart provides a clear, practical, and reliable platform with the goal of revolutionizing the secondhand two-wheeler industry. With a focus on digital-first, rules that prioritize customers, and strong investor confidence, BeepKart is well-positioned to develop and make a big effect on the market.
FAQs:
What does BeepKart do?
The hassle of purchasing or selling an old two-wheeler is eliminated with BeepKart. The online method facilitates an easy and delightful experience.
When was BeepKart founded?
It was founded in 2020.
Who is the founder of BeepKart Corporation?
Hemir Doshi and Abhishek Saraf founded BeepKart.
Who is the CEO of BeepKart Corporation?
Hemir Doshi is the CEO.
Who are the main competitors of BeepKart?
Top competitors of Beepkart included CredR, Bike Bazar, and Droom.
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