BeepKart Lays Off 130 Employees, Shuts Half of Stores Amid Funding Crunch

• BeepKart, a used two-wheeler marketplace, has laid off around 130 employees in three rounds over the past five months.
• The Bengaluru-based startup also closed six of its 11 stores in Bengaluru and Chennai as part of a cost-cutting exercise.
• The layoffs and closures come amid a funding crunch and unsuccessful expansion efforts.
• BeepKart's attempts to increase margins by raising prices led to a loss of customers to competitors.
• The startup reported a net loss of INR 28 Cr on an operating revenue of INR 22 Cr in FY23.

Source: Inc42