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B2B auto parts startup Koovers raises $1.5 mn in Inflection Point-led round

Koovers assures workshops of spares with ease of ordering, doorstep delivery, genuine and complete basket of parts of all car makers; has over 5,000 workshops in network

Auto parts | funding

BS Reporter  |  Mumbai 

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B2B Automobiles spares startup Koovers has raised $1.5 million in a round led by Inflection Point Ventures. Other investors in the round include JPIN-VCats and Venture Catalysts. The funds raised will be used to enter more geographies across India, expand product portfolio and to upgrade its technology platform.

Koovers assures workshops of spares with ease of ordering, doorstep delivery, genuine and complete basket of spare parts of all Car Manufacturers. Koovers has more than 5,000 Workshops in the network and has clocked 100 per cent YoY growth despite the Covid lockdown, with an average revenue run rate of $4.5 million.

Mitesh Shah, Co-Founder, Inflection Point Ventures says, “Car maintenance is a large market in India and is mostly unorganised. A car owner normally find a workshop close to his location for maintenance and repair work, as sending it to a dealer-run service shop is both expensive and time consuming. 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 a sustainable business model with a path to profitability. Koovers delivers on both the key parameters.”

Koovers DMS App is used for ordering the required parts and their tech platform has 1.8 million spares listed (till date) and the UI/UX is designed keeping in mind the skill sets/tech adoption levels of Mechanics.

Sandeep Begur, Co-founder & CEO, Koovers says, “Indian Auto aftermarket is one of the last unorganised frontiers to be conquered and this is the space that we are disrupting. With a strong leadership team consisting of Vinayak Y B (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 founding team has a combined experience of 40+ years in the automotive space. Their immediate area of focus is in the passenger car segment. In the future, they target to expand their offerings to include parts for CVs, two-Wheelers, etc.

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First Published: Wed, October 27 2021. 18:42 IST