Pre-owned Vehicle Platform SheerDrive Raises Pre-Series A Round
SheerDrive, a Mumbai-based Digital AI/ML pre-owned vehicle platform, has raised an undisclosed amount in a pre-Series A funding round led by Inflection Point Ventures (IPV).
As per the startup, the freshly raised funds will be used to expand into new geographies and enhance the tech stack for new car dealerships.
SheerDrive | Simplifying Used Cars Transactions
Founded by Ravi Mehra, along with co-founder Sajid Kakti, SheerDrive is a digital AI/ ML pre-owned vehicle platform which deals with all the key elements required to run an effectively used vehicle program.
Its automation-driven AI-ML-based unique digital platform-VIAR, which stands for Vehicle Scan, Intelligent Computation, Assured Pricing, and Robust Remarketing, enables used car dealers to maximize every market opportunity into a real business.
Speaking about the development, Ravi Mehra, CEO and Co-founder of SheerDrive,
“We are thrilled to have Inflection Point Ventures (IPV) partner with us in our mission to revolutionize the used car market in India. This investment underscores our position as a leading player in the pre-owned vehicle platform market, and we believe IPV’s expertise and support will help us achieve our ambitious growth targets. The new funding will enable us to expand into new geographies and enhance the tech stack for new car dealerships, unlocking significant value in used car transactions.”
SheerDrive claims to be delivering 41% Q-o-Q growth and is unit-positive presently.
The Mumbai-based startup plans to be live in 19 cities and facilitate used-car transactions worth over $40 million. It also aims to achieve a GMV ARR of $500 million and transactions for over 100,000+ vehicles across 35 cities by FY2025.
Commenting on the development, Mitesh Shah, Co-Founder of Inflection Point Ventures (IPV), said,
“Over the last few years, the market for pre-owned cars has witnessed a sharp rise. With SheerDrive’s unique digital platform VIAR, car upgraders get the opportunity to sell their old car at a fair price, similarly, the new car dealer gets to transact on the used car without making any losses or getting stuck with working capital issues. With the entire buying/selling process being automated, this platform ensures transparency and reliability to their stakeholders.”
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