India, July 16 -- Used two-wheeler marketplace BeepKart is on the verge of a breakdown. As per sources, the Stellaris Venture Partners-backed startup has shut operations in Chennai, one of the two cities it was operational, and has fired its entire team in the city.

As per Inc42 sources, the startup is gradually winding down its operations in Bengaluru as well.

Confirming the same, a company spokesperson in a statement said, "BeepKart has consistently raised the bar by delivering best-in-category economics and metrics. We have been aligning with asset-light models of operations, while continuing to leverage our integrated tech, product and analytics platform. The company has improved its profitability substantially, it has a comfortable...