Automation startup SheerDrive raises pre-Series A funding led by Inflection Point Ventures

Sheerdrive, a Mumbai-based Digital AI/ML pre-owned vehicle platform, which deals with all the key elements required to run an effective used-vehicle program for New Car Dealerships (NCDs), has raised an undisclosed amount in a pre-Series A funding round led by Inflection Point Ventures (IPV).

Inflection Point Ventures (IPV) joins the group of investors already in place, which also includes Prajit Nanu, Co-Founder and CEO of NIUM, a multibillion-dollar fintech company, as well as JITO Angel Network, INSEAD Angels India, Group Landmark, Volrado Venture Fund, and others.

Established in April 2020, Sheerdrive is a digital AI/ML pre-owned vehicle platform that deals with all the key elements required to run an effectively used vehicle program.

The startup said that its automation-driven AI-ML-based Unique Digital Platform "VIAR" is enabling used car dealers in maximising every market opportunity into a real business. SheerDrive's acquisition of Superbids.in, a B2B auction platform for banking repossessed and Insurance Salvage.

Statements:

"With a focus on innovation and an in-depth understanding of the market, SheerDrive is disrupting the pre-owned car market in India. Our goal is to address legacy issues around convenience, transparency, and pricing for both new car dealers and customers. We have developed a pioneering AI-ML-based VIAR technology platform, which is dedicated to accelerating pre-owned transactions and driving value for all stakeholders. 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.," said Ravi Mehra, CEO and Co-founder of SheerDrive.

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 Sheerdrives 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.”

SheerDrive is aiming to go live in 19 cities and facilitate used-car transactions worth over $40 million and achieve a GMV ARR of $500 million and transactions for over 100,000+ vehicles across 35 cities by FY2025.

It claims to have delivering 41% Q-o-Q growth and is unit-positive presently.

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