Pre-owned vehicle platform SheerDrive raises pre-Series A funding

Mumbai-based Sheerdrive, an AI/ML-powered pre-owned vehicle platform, has secured an undisclosed sum in funding from Inflection Point Ventures (IPV). 

This investment will allow SheerDrive to accelerate its growth and scale its offerings across India. 

“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.

Set up in April 2020, Sheerdrive deals with all the key elements required to run a used vehicle programme. With its array of digital tools and API integrable services, specifically designed for new car dealerships and OEMs, it addresses pain points of supply and aggregation, as well as residual value protection. Its Unique Digital Platform VIAR converts every market opportunity into a real business. 

The firm acquired Superbids.in, a leading B2B auction platform for banking repossessed and Insurance Salvage vehicles, in October 2020, and in November 2020, Sheerdrive raised its seed capital from Group Landmark. 

SheerDrive plans to go live in 19 cities and facilitate used-car transactions worth over $40 million. Its claims it is currently delivering 41 per cent Q-o-Q growth, and the vision is to achieve a GMV ARR of $500 million and transactions for over 100,000+ vehicles across 35 cities by FY2025. 

In May 2021, the startup raised its seed+ round from Volrado Venture Fund. Its other investors are Prajit Nanu, Co-Founder and CEO of NIUM; JITO Angel Network; INSEAD Angels India; Landmark Group; and Volrado Venture Fund.

India has a burgeoning used-car market that is projected to grow at a CAGR of 19.5 per cent till FY 2026-2027, according to IndianBlueBook.