Mumbai-based digital AI/ML pre-owned vehicle platform, SheerDrive, has successfully raised an undisclosed amount in a pre-Series A funding round led by Inflection Point Ventures (IPV). The startup intends to utilize the freshly raised funds to expand its operations into new geographies and enhance its tech stack for new car dealerships.
SheerDrive, founded by Ravi Mehra and Sajid Kakti, offers a comprehensive digital AI/ML platform called VIAR (Vehicle Scan, Intelligent Computation, Assured Pricing, and Robust Remarketing) that simplifies and streamlines used car transactions. By leveraging automation and advanced technologies, SheerDrive enables used car dealers to optimize every market opportunity and maximize their business potential.
Expressing his enthusiasm about the funding, Ravi Mehra, CEO and Co-founder of SheerDrive, stated, “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.”
With a promising growth trajectory, SheerDrive boasts 41% quarter-on-quarter growth and is currently unit-positive. The Mumbai-based startup aims to go live in 19 cities and facilitate used-car transactions worth over $40 million. By FY2025, it plans to achieve a GMV ARR (Gross Merchandise Value Annual Run Rate) of $500 million and facilitate transactions for over 100,000+ vehicles across 35 cities.
Mitesh Shah, Co-Founder of Inflection Point Ventures (IPV), commented on the development, saying, “Over the last few years, the market for pre-owned cars has witnessed a sharp rise. With SheerDrive’s unique digital platform VIAR, car upgraders get the opportunity to sell their old car at a fair price, while new car dealers can transact on used cars without incurring losses or facing working capital issues. This platform ensures transparency and reliability throughout the buying/selling process due to its automation. We are excited to support SheerDrive as they bring transparency and efficiency to the used car market.”