Koovers, a B2B auto spares startup, raises $1.5 million : Tech News

Koovers, a business-to-business auto spares startup, 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 company said it will use the funds to enter more markets across India, expand its product portfolio and upgrade its technology platform.

Founded in 2016 by Vinayak, Sandeep Begur and S Prem Kumar, Koovers provides automobile workshops doorstep delivery of genuine spares of all car manufacturers at affordable prices. The company has more than 5,000 workshops in its network and has clocked 100% year-on-year growth even through Covid. It has an annualised revenue run rate of $4.5 million.

“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 dealer-run service centre is both expensive and time consuming,” said Mitesh Shah, cofounder, Inflection Point Ventures. “Koovers is tapping the unorganised car maintenance market which will continue to grow as it is an ongoing demand for car owners,” he added.

Koovers’s immediate area of focus is in the passenger car segment. “In the future, the company will target to expand their offerings to include parts for commercial vehicles, two-wheelers, etc,” the release said.

“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,” said Sandeep Begur, cofounder and CEO.