Vutto, a Used Two-Wheeler Marketplace, Raises $7 Million

The used two-wheeler marketplace Vutto has raised $7 million, or around Rs 61.4 crore, in a Series A fundraising round that was headed by RTP Global and included Blume Ventures, an existing investor. The Delhi-based business had already collected $1 million in seed money from Blume Ventures and other angel investors before this investment round. According to a news statement from Vutto, the money raised will be used to increase the company's presence throughout Delhi NCR, penetrate new markets, and improve its core competencies in areas like supply, renovation, and customer support.In 2024, Rohit Khurana and Sitaram Ankilla co-founded Vutto, a full-stack platform for secondhand two-wheeler buying and selling. Users can acquire two-wheelers that come with a six-month guarantee and assistance with paperwork, insurance, and finance, as well as explore certified automobiles online and test drive them in-store.

A market study estimates that about 9 million used two-wheelers were sold in India in FY24, bringing in an estimated $3.8 billion in income. In the first year of its launch, Vutto says it sold 1,500 cars. According to the firm, which has three shops in Delhi, cars listed on its platform usually sell within 12 days. Additionally, it says that it has partnered with banks and other financial institutions to sell two-wheelers that have been repossessed.A similar firm, BeepKart, recently ceased operations after operating for over five years. In October of last year, its competitor CredR ceased operations, and Cars24 also departed from its Moto company, which was in a similar vertical. RoamPrime, Bikewale, and BikeDekho are the other prominent participants in this market.