Sheerdrive raises undisclosed Pre Series A round from a clutch of investors

Sheerdrive had earlier in Dec 2020 closed its undisclosed seed round funding with Group Landmark.

Autocar Pro News Desk By Autocar Pro News Desk calendar 16 Jan 2023 Views icon2234 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

Mumbai-based digital used vehicle remarketing platform Sheerdrive has said that it has raised its undisclosed pre-Series A round led by JITO Angel Network, Group Landmark, and Colorado Venture Fund.

The digital marketing platform which claims to have already enabled used-car transactions worth over $40 million, is estimated to be growing to deliver 41% Q-o-Q growth with being unit-economics positive. 

Sheerdrive had earlier in Dec 2020 closed its undisclosed seed round funding with Group Landmark.

Ravi Mehra, CEO, and Co-founder, Sheerdrive sharing the fundraising announcement said "The funding will help us expand into new geographies and elevate the tech stack for New Car Dealerships to unlock value in used car transactions".

The firm which claims to have a GMV ARR of $500 million and transactions for over 100,000+ vehicles across 35 cities by FY2025 is looking to carve a niche for itself by resolving the problems of dealing with pre-owned cars and bringing about much-needed infrastructure to car dealerships. 

"We believe that automotive dealerships would see significant disruption over the medium to long term driven by a few critical factors, such as shifting customer preferences and digital disruptions across the automotive value chain," added  Pooja Mehta, Chief Investment Officer, JITO Angel Network, sharing their perspective on investing in the online used car remarketing platform.

RELATED ARTICLES
'Need for long-term outlook, continuation of stable policies': Santosh Iyer

auther Autocar Pro News Desk calendar28 Jan 2023

The managing director and CEO of Mercedes-Benz India expects the upcoming Budget 2023-24 to be forward-looking and to ac...

SMEV bats for GST rationalisation on components for the EV segment to charge ahead

auther Autocar Pro News Desk calendar28 Jan 2023

A uniform levying of the GST on different components of an electric vehicle along with supply-side support and strengthe...

All new Mahindra XUV400 booking open for Rs 21,000

auther Autocar Pro News Desk calendar27 Jan 2023

Mahindra XUV400 prices were announced earlier this month, with the SUV introductory price costing between Rs 15.99 lakh-...