[Funding alert] B2B automobile spares parts startup Koovers raises $1.5M led by Inflection Point Ventures
B2B automobile spare parts startupon Wednesday said it raised $1.5 million led by Inflection Point Ventures, JPIN-VCats, and Venture Catalysts.
The B2B ecommerce startup will use the funds to enter more geographies across India, expand its product portfolio, and upgrade its technology platform.
Founded in 2016 by Vinayak (Director and CTO), Sandeep Begur (MD and CEO), and S Prem Kumar (Director and COO), Koovers disrupts the existing value chain of automotive spare parts aftermarket by leveraging technology, procurement contracts with OEM/OES, and focus on "point of consumption.
Founding team, Koovers
The Delhi-headquartered startup's immediate focus area is in the passenger car segment. In the future, it targets to expand its offerings to include parts for commercial vehicles, two-wheelers, etc.
Koovers claims to have over 5,000 workshops in its network. Despite the COVID-19 lockdown, it has clocked 100 percent annual growth with $4.5 million ARR.
Speaking about the development, Sandeep Begur, Co-founder and CEO, Koovers, said,
“Indian auto aftermarket is one of the last unorganised frontiers to be conquered, and this is the space we are disrupting. With one of the highest fill rates in the industry, we are the preferred go-to partners for workshops for all their spares requirements."
“Car maintenance is a large market in India, and it is mostly unorganised. Car owners normally find a workshop close to their locations for maintenance and repair work as sending it to dealers’ run service shops is both expensive and time-consuming," said Mitesh Shah, Co-founder, Inflection Point Ventures.
He added, "Koovers is tapping the unorganised car maintenance market, which will continue to grow as it is an ongoing demand for car owners. At IPV, we invest in businesses that can show sustainable business models with a path to profitability. Koovers delivers on both the key parameters.”