Beep Innovations Pvt. Ltd, which operates full-stack online retailer for used two-wheelers BeepKart, said it has racked up funding of Rs 7.5 crore (around $ 1 million) from venture debt firm InnoVen Capital.
The company plans to use the fresh funds for expansion and scaling up operations.
Founded by Hemir Doshi and Abhishek Saraf, BeepKart aims to bridge the wide gap in experience between buying and owning new and used two-wheelers.
"Our focus is to deliver a brilliant user experience and for a BeepKart bike to become the brand of choice for millions seeking value-for-money personal mobility. With our recent equity funding as well as venture debt, we are well-positioned to execute towards an aggressive growth path," said Doshi.
In September 2021, BeepKart raised $ 3 million (around Rs 22 crore) in a seed round led by Stellaris Venture Partners and Chiratae Ventures.
"A full-stack business model delivers high-value in-vehicle e-commerce. Two-wheelers are a great use case for an online product journey. We look forward to partnering with BeepKart as they continue to build," said Tarana Lalwani, Founding Partner at InnoVen Capital.
InnoVen Capital is a debt firm that provides debt capital to high-growth ventures. It has offices in India, China, and Singapore. Recently, the firm backed eponymous online investment platform Scripbox.
Last year in September, InnoVen Capital marked the first close of its debut venture debt fund at Rs 740 crore.