BeepKart

BeepKart, a Bengaluru-based startup in the used two-wheeler e-commerce industry, has completely shut down its operations, resulting in the layoff of its entire team. The company, which had raised over $18 million from investors like Stellaris Venture Partners, struggled with a high-cost business model featuring thin margins and aggressive, poorly planned expansion. After failing to secure a strategic merger or acquisition, the founders are now winding down the venture, selling its assets and returning remaining capital. The shutdown marks the end of a four-year effort to redefine India's pre-owned two-wheeler market.

Bengaluru-based used two-wheeler marketplace BeepKart has laid off approximately 130 employees over the past five months, representing about 40% of its workforce, as part of a significant cost-cutting initiative. The startup, which operates in the e-commerce and automotive industry, conducted three rounds of layoffs, with the latest in late September affecting 60-70 staff. Facing a funding crunch, heightened competition, and rising operational expenses, BeepKart also halved its physical presence by closing six of its 11 stores in Bengaluru and Chennai. The company, backed by investors like Vertex Ventures and Stellaris Venture Partners, had expanded aggressively but struggled to scale profitably, leading to this restructuring to conserve cash.