BeepKart Lays Off Over 100 Employees Post-Fundraise

• BeepKart, a Bengaluru-based used two-wheeler retailer, has laid off over 100 employees in recent months, sources told Entrackr.
• The layoffs, affecting more than 20% of the workforce, occurred in phases starting after the April fundraise, impacting roles across marketing, tech, product, and operations.
• A source indicated that the layoffs, which included senior roles, were unexpected and likely aimed at focusing on profitability.
• Founded in 2020, BeepKart operates in Bengaluru and Chennai, and has raised around $18.5 million to date, with a current valuation of approximately $44 million.
• Despite the layoffs, BeepKart reported Rs 21.86 crore revenue for FY23, though it also posted losses of Rs 27.88 crore for the same period.

Source: Entrackr