Mumbai-based digital AI/ML platform, SheerDrive, has successfully raised an undisclosed amount in a pre-Series A funding round led by Inflection Point Ventures (IPV), marking a significant milestone for the company.
The fresh capital infusion will be utilized by SheerDrive to expand its footprint into new geographies and enhance its technology stack specifically designed for new car dealerships. With this strategic move, SheerDrive aims to simplify and revolutionize the pre-owned vehicle market through its innovative digital platform.
SheerDrive, founded by Ravi Mehra and Sajid Kakti, has developed a unique digital platform called VIAR (Vehicle Scan, Intelligent Computation, Assured Pricing, and Robust Remarketing). Powered by automation, artificial intelligence (AI), and machine learning (ML), VIAR enables used car dealers to maximize market opportunities and transform them into tangible business growth.
“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.”– Ravi Mehra, CEO and Co-founder of SheerDrive
Ravi Mehra, the CEO, and Co-founder of SheerDrive expressed his excitement about the partnership with Inflection Point Ventures (IPV) and the company’s vision to reshape the used car market in India. He believes that IPV’s expertise and support will play a crucial role in achieving SheerDrive’s ambitious growth targets. The latest funding will not only facilitate the company’s expansion plans but also enhance its technology stack to unlock substantial value in used car transactions.
SheerDrive has already made significant strides in the industry, showcasing a remarkable 41% quarter-on-quarter growth and achieving unit profitability. Building on this momentum, the Mumbai-based startup has set ambitious goals for the future. It plans to expand its operations to 19 cities, facilitating used-car transactions worth over $40 million. By FY2025, SheerDrive aims to achieve an impressive Gross Merchandise Value Annual Run Rate (GMV ARR) of $500 million and facilitate transactions for more than 100,000 vehicles across 35 cities.
Mitesh Shah, Co-Founder of Inflection Point Ventures (IPV), commented on the development, emphasizing the growing market for pre-owned cars in recent years. With SheerDrive’s innovative VIAR platform, car owners looking to upgrade their vehicles can sell their old cars at fair prices, while new car dealers can transact on used cars without incurring losses or facing working capital challenges. The platform’s automation ensures transparency and reliability, providing value to all stakeholders involved in the buying and selling process.
With the successful funding round and a clear vision for the future, SheerDrive is well-positioned to make a significant impact on the pre-owned vehicle market in India. Through its advanced digital platform and commitment to transparency, the company aims to simplify transactions, increase efficiency, and create a seamless experience for both buyers and sellers in the used car industry.