Automation platform SheerDrive raises an undisclosed amount in Pre Series A round by Inflection Point Ventures
Sheerdrive, a Mumbai-based pioneering 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 announced that Inflection Point Ventures (IPV), a well-known angel investment group, has made an undisclosed investment in the business. Inflection Point Ventures (IPV) joins the group of investors already in place, which also includes Mr. 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.
Inflection Point Ventures' (IPV) recent investment in SheerDrive validates the company's innovative approach to the used-car industry and its ambitious business and expansion goals. The firm is in a strong position to take advantage of the potential in the Indian used-vehicle market and support new car dealerships in increasing their revenue as it continues to develop and expand.
"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, 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.”
At Inflection Point Ventures, we look for investments that align with our values and SheerDrive's innovative approach to the used-car market certainly fits the bill. We believe their technology has the potential to revolutionise the industry. Our investment in SheerDrive reflects our confidence in their team and their ability to drive the growth of the used-car market in India."
Since its inception in April 2020, SheerDrive has been committed to ushering in a transformation through the technology-backed innovative solution for running an effective used-vehicle program. 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 leading B2B auction platform for banking repossessed and Insurance Salvage
SheerDrive soon to go live in 19 cities and facilitate used-car transactions worth over $40 million. The company is currently delivering 41% Q-o-Q growth and is unit- positive.
SheerDrive's vision is to achieve a GMV ARR of $500 million and transactions for over 100,000+ vehicles across 35 cities by FY2025.
SheerDrive's ambitious growth plans are underpinned by the burgeoning used-car market in India, which is projected to grow at a CAGR of 19.5 percent till FY 2026-2027, according to IndianBlueBook. With this latest funding round, SheerDrive is well-positioned to drive further growth and consolidation in the used car marketplace, while delivering greater value to customers and investors alike. This investment will allow SheerDrive to further accelerate its growth and scale its offerings across the country. With its array of digital tools and API integrable services, specifically designed for new car dealerships and OEMs, SheerDrive addresses pain points of supply and aggregation, as well as residual value protection.
