Bengaluru-based used two-wheeler marketplace BeepKart has shut down operations after nearly five years of business, marking another setback for India’s pre-owned vehicle sector.
In a statement on its website, the company confirmed the closure while assuring continued support for existing customers.
The co-founders, Abhishek Saraf and Hemir Doshi, are exploring the sale of BeepKart’s assets and tech stack and plan to return remaining capital to investors.
Founded in 2021, BeepKart set out to build a full-stack platform for buying and selling used two-wheelers, offering services such as inspection, refurbishment, financing, and warranties. Over time, it attempted to shift to a more asset-light model but struggled to sustain operations.
The startup had raised over $18 million from investors including Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures, with its last round being a $5.6 million Series A in April 2024. Despite reporting a 165% YoY revenue jump to ₹100 crore in FY24, losses doubled to ₹66 crore, further straining the business.
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Operational challenges had surfaced earlier, with BeepKart winding down in Chennai and gradually scaling back in Bengaluru, along with employee layoffs.
The shutdown reflects broader turbulence in India’s used two-wheeler marketplace. Rival CredR shut down in October 2024, while Cars24 exited its Moto vertical, underscoring the difficulty of building sustainable models in the space.
