CosmicTaco

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

CosmicTaco · 2024-10-08T21:09:22.237083+05:30

- 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](https://inc42.com/buzz/exclusive-beepkart-fires-130-employees-in-5-months-to-cut-costs-halves-store-count/)

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