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.