Sheerdrive raises Pre-Series A round led by JITO Angel Network – Aims to achieve a GMV ARR of $500 million

Sheerdrive, a Mumbai-based 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 successfully raised its pre-Series A round. The fundraise has been led by JITO Angel Network, and supported by angel investor group INSEAD Angels India, along with notable HNIs and existing investors, Group Landmark, Volrado Venture Fund, and Mr. Prajit Nanu, Co-Founder and CEO at NIUM, a multi-billion dollar fintech enterprise. Sheerdrive is live in 19 cities and has already enabled used-car transactions worth over $40 million. The company is currently delivering 41% Q-o-Q growth and is unit-economics positive. Sheerdrive aims to achieve a GMV ARR of $500 million and transactions for over 100,000+ vehicles across 35 cities by FY2025. “Sheerdrive aims to disrupt the pre-owned car market in India, backed by innovation and in-depth market understanding. In doing so, alleviates legacy issues of convenience, transparency, and pricing in the industry for New Car Dealers and customers. We are committed to accelerating pre-owned transactions through our pioneering VIAR technology platform. The funding will help us expand into new geographies and elevate the tech stack for New Car Dealerships to unlock value in used car transactions,” said Ravi Mehra,  CEO and Co-founder