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Business-to-Business automobile spares start-up Koovers on Wednesday announced that it has raised $1.5 million in funding led by Inflection Point Ventures. Other investors in the round include JPIN-VCats and Venture Catalysts.
Koovers is a B2B e-commerce platform that focuses on supplying genuine spare parts to independent auto-workshops (IWS) and the aftermarket ecosystem including ordering and doorstep delivery. The company will leverage the funds raised to enter more geographies across India, expand its product portfolio and further upgrade its technology platform.
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Mitesh Shah, Co-Founder, Inflection Point Ventures, said, “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 model with path to profitability. Koovers delivers on both the key parameters.”
Sandeep Begur, Co-founder & CEO, Koovers, said, “With a strong leadership team comprising of Vinayak YB (CTO) who comes with strong Technology and e-commerce background, and S Prem Kumar (COO), an ex-COO of a telecom major, Koovers is poised to disrupt and conquer this last frontier. IPV is one of the professionally managed investor networks in India and we are privileged to have them as our investor.”
Koovers currently has over 5,000 workshops in the network and has clocked 100 per cent y-o-y growth with $4.5 million ARR, it said. The start-up’s DMS App is used for ordering the required parts and its tech platform has 1.8 million spares listed (till date).
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It is focused on leveraging technology, procurement contracts with OEM/OES and focus on “point of consumption.” Moving forward, the company will also target expansion of their offerings to include parts for CVs, two-wheelers, etc.