Auto spare parts firm Boodmo attracts FDI worth INR 10 crores

Boodmo, founded in the year 2015 by Yevgen Sokolnikov and Oleksandr Danylenko, two entrepreneurs from Ukraine, aims to revolutionize the auto spare parts industry in India.

Now, it is the country's most comprehensive marketplace for auto components, which has attracted INR 10 crores of FDI, till date.

Speaking about the growth, Yevgen Sokolnikov, CEO and co-founder of boodmo, said, "Our customer retention ratio is more than 30 percent. boodmo only deals in genuine auto spare parts and offers more than 1000 national or international brands, which gives us an edge over other market players. We are the only platform where full range of spare parts is available not only for popular brands, but also for rare, imported cars and even for brands, which have ceased operations."

Speaking on the demand of the e-commerce auto market, Oleksandr Danylenko, Director of Operations and Finance, co-founder at boodmo, said, "The Indian online market is growing. The goverment's dedication to improve the economy by continually undertaking reforms, namely, digitization, demonetization, GST, together with political stability, will help the Indian auto component industry to grow exponentially, as well."

With its aim to be "Spare Parts Expert", boodmo endeavours to be the market leader. "Being an unorganized sector in the country, sometimes it becomes very difficult for the car owners to find replacement parts. Our platform offers a trusted channel for both car owners and auto parts dealers to come under one roof in order to reap the maximum benefit via reliable and fast service," said Yevgen. boodmo's customers can find the required automotive components using its online catalogue and can make their search through VIN, brand or part number.

The growing working population and expanding middle-class base provides a perfect setting for expansion and growth of business, the founders of boodmo believe. India is also set to break into the league of top five vehicular producing nations, creating a huge opportunity. "The demand for the online auto parts in India is deemed to grow by 10% in this fiscal. Our aim is to reach 300 orders per day, by December 2017," said Oleksandr.