[Funding alert] Online auto spare parts marketplace boodmo.com raises Rs 10 Cr from existing investor
This latest funding has increased the startup's share capital from Rs 35 crore to Rs 45 crore.
Gurugram-based online auto spare parts marketplace boodmo.com on Monday said it has raised Rs 10 crore in fresh funding from its existing undisclosed investor.
The latest funding has raised the firm’s share capital from Rs 35 crore to Rs 45 crore. Earlier this year in May, boodmo had raised Rs 8 crore from an undisclosed investor.
Talking about the freshly raised capital, Oleksandr Danylenko, Managing Director & Co-Founder, boodmo.com, said,
“These funds will be used to accelerate our growth and help us launch our operations in Maharashtra with a sorting hub in Mumbai. Moreover, we are going to introduce a special software for our warehouses to expedite our operations and delivery process. This software will enable us to avail direct product movement from acceptance area to packaging tables, thereby avoiding stock allocation whenever possible.”
Launched in 2015 by two Ukrainian entrepreneurs – Yevgen Sokolnikov and Oleksandr Danylenko – boodmo has over 1 million varieties of spare parts by 400 suppliers of over 3,000 Indian as well as international brands available on its e-store.
Currently, boodmo.com is receiving around 800 orders every day with 10 lakh unique portal visitors per month. So far, the startup claims to have served 70,000 customers and more than 40 percent of them returned for second purchase.
Continuing its expansion trajectory, boodmo has recently opened a sorting hub in Bengaluru, which is spread over an area of 15,000 sq ft. The company said it is actively looking to set up more sorting Hubs in Tier I and Tier II cities in order to become the number one online destination for auto spare parts in India.
Danylenko added, “We are dedicated towards standardizing the highly disorganised online auto spare parts market in India. It is with this goal in mind that we are now also looking to enter the B2B space with a focus on garages. By integrating the B2B model with our existing B2C model, we will be able to create a platform that will cater to the needs of our customers more effectively and swiftly.”
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).
(Edited by Evelyn Ratnakumar)