Krsv Innovative Auto Solutions Pvt Ltd, which runs auto spares platform Koovers, said it has raised $1.5 million (around Rs 11.1 crore) led by Inflection Point Ventures.
The round also saw participation from JPIN-VCats and Venture Catalysts.
The company said it will use the proceeds from the round to enter more geographies across India, expand its product portfolio, and upgrade its technology platform.
“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 shop is both expensive and time-consuming,” Mitesh Shah, co-founder of Inflection Point Ventures, said.
Founded by Vinayak, Sandeep Begur, and S Prem Kumar in 2016, Koovers is a B2B e-commerce platform focusing on supplying spare parts to independent auto workshops (IWS) and the aftermarket ecosystem. Koovers said it has more than 5000 workshops in the network and has clocked 100% year-on-year growth with $4.5 million (around Rs 33 crore) in annual recurring revenue.
“The Indian auto aftermarket is one of the last unorganised frontiers to be conquered and this is the space that 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,” Sandeep Begur, co-founder & CEO, Koovers, said.
“With a strong leadership team comprising of Vinayak YB (CTO) who comes with strong technology and ecommerce background, and S. Prem Kumar (COO), an ex-COO of a telecom major,” he added.
So far, Inflection Point Ventures has invested Rs 292 crore across 98 deals, Koovers being the 36th deal in 2021. The early-stage venture firm said it will likely invest Rs 155 crore this year across 60 plus startups.
Credit: Source link
