Online auto spare parts marketplace boodmo.com raises Rs 8 cr

Gurugram-based auto spare parts online marketplace boodmo.com Thursday said it has raised Rs 8 crore in fresh capital.

The company did not disclose the identity of the investor but said the freshly infused funds take its total funding to Rs 35 crore.

boodmo.com Managing Director & Co-Founder Oleksandr Danylenko said with the Indian auto components industry poised to become the third largest in the world by 2025, the company is looking to strengthen its position in the Indian online auto spare parts market.

The company plans launching new sorting hubs, boosting technology infrastructure and hire appropriate skilled manpower, he added.

"This new funding will help us expand our presence in the country and smoothen our operations, which would in turn help us make swift product delivery to the customers," Danylenko said.

Already, the company has sorting hubs in Delhi and Jaipur and the additional funding will help streamline operations for its new hub that will be opened in Bengaluru in the next two weeks, he said.

"We also plan to open a sorting hub in Maharashtra in the last quarter of 2019," Danylenko added.

In 2017, boodmo had raised Rs 10 crore in its first investment round, followed by an additional Rs 5 crore in the same year.

The company then raised Rs 5 crore in July 2018 and an additional Rs 7 crore in December 2018.