Used two-wheeler marketplace BeepKart shuts down operations after 5 years
What's the story
BeepKart, a Bengaluru-based platform for buying and selling used two-wheelers, has shut down operations after approximately five years of business. The company's founders are now looking to offload its assets and tech stack while returning any remaining capital to investors. Despite raising over $18 million since its inception in 2021, BeepKart was unable to overcome mounting losses.
Financial woes
Revenue surge amid mounting losses
In FY24, BeepKart reported a revenue jump of 165% year-on-year (YoY) to ₹100 crore. However, its losses also doubled to ₹66 crore during the same period. The company's FY25 results are yet to be revealed. The shutdown comes after layoffs and the closure of its Chennai operations earlier this year.
Market exit
Closure adds to challenges in used 2-wheeler market
BeepKart's closure marks another setback in the used two-wheeler market, which has seen other players like CredR and Cars24 also exit recently. The company had raised $5.6 million in its Series A round from Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures in April 2024. Despite earlier claims of shifting to an asset-light model with improved profitability and investor conversations, BeepKart struggled to sustain its business.