[Funding alert] Online auto spare parts marketplace boodmo.com raises Rs 8 Cr in fresh capital
Gurugram-based online auto spare parts marketplace boodmo.com on Thursday announced that it has raised Rs 8 crore in a fresh capital, taking the total funding raised by the company to Rs 35 crore.
The company did not disclose the identity of the investor but said it plans to use the newly-raised funding for launching new sorting hubs, boosting technology infrastructure, and hiring appropriate skilled manpower.
Talking about the freshly infused capital, Oleksandr Danylenko, Managing Director & Co-Founder, boodmo.com, said,
“This new funding will help us expand our presence in the country and smoothen our operations, which would in turn help us make swift product delivery to the customers.
The company, which already has sorting hubs in Delhi and Jaipur, plans to launch a new sorting hub in Bengaluru in the next two weeks. It is also looking to open a sorting hub in Maharashtra in the last quarter of 2019.
In 2017, boodmo secured Rs 10 crore in its first investment round, followed by an additional Rs 5 crore in the same year. The company also received Rs 5 crore in July 2018 and an additional Rs 7 crore in December 2018.
Launched in 2015 by two Ukrainian entrepreneurs, Yevgen Sokolnikov and Oleksandr Danylenko, boodmo has introduced a ‘Spare Parts Catalogue’ on its website. This catalogue is a database with a comprehensive list of spare parts that enables buyers as well as sellers to identify the exact parts and their corresponding part number by surfing through the vehicle’s manufacturer as well as the make and year of manufacturing. This also helps them in shortlisting the exact product that would fit their vehicle.
Currently, boodmo.com receives 600-700 orders every day with 10 lakh unique portal visitors per month. So far, it has served 40,000 customers and more than 40 percent of them returned for a second purchase. The enterprise is actively looking to set up more sorting hubs in Tier 1 and Tier 2 cities.
With over one million varieties of spare parts by 400 suppliers of over 3,000 Indian as well as international brands available on its e-store, the organisation claims to have a massive e-repository of genuine OEM and aftermarket spare parts.
Commenting on the market size and opportunity, Oleksandr added,
“With the Indian auto components industry poised to become the third largest in the world by 2025, we are looking to strengthen our position in the Indian online auto spare parts market.”
There are several such players in the market like Sparehub, Autosparepartsindia, Motorpart, Gaadifix, and hgpmart.com.
In March 2019, Pune-based automobile parts company SparesHub raised Rs 3.5 crore from the Indian Angel Network (IAN).