Sheerdrive, a Mumbai-based digital pre-owned vehicle platform, has secured undisclosed funding in its pre-Series A round led by Inflection Point Ventures. Prajit Nanu, Co-Founder, and CEO of NIUM, a multibillion-dollar fintech company, JITO Angel Network, INSEAD Angels India, Group Landmark, Volrado Venture Fund, among others participated in the capital raise.
Ravi Mehra, CEO and co-founder of Sheerdrive said that the new funds would be used to expand into new geographies and enhance the tech stack for new car dealerships.
Sheerdrive had also secured undisclosed pre-series A funding from a clutch of investors earlier in January this year. The company is currently delivering quarter on quarter growth of 41%, and is unit positive, the press release stated.