India’s largest B2B Automobiles spares startup Koovers raises $1.5 mn 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 the product portfolio and upgrade the technology platform.
Koovers assures workshops of Right Spares @ Right Time @ Right Prices with ease of ordering, doorstep delivery, a genuine and complete basket of spare parts of all Car Manufacturers. Koovers has more than 5000 Workshops in the network and has clocked 100% Y-o-Y growth despite the Covid lockdown with $4.5 million ARR.
Mitesh Shah, Co-Founder, Inflection Point Ventures says, “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 dealers’ run service shops 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 sustainable business models with paths to profitability. Koovers delivers on both the key parameters.”
Koovers founding team has a combined experience of 40+ years in the automotive space and they have shown strong leadership qualities to cement their presence in the aftermarket ecosystem. Koovers disrupts the existing value chain of automotive spare parts aftermarket by leveraging technology, procurement contracts with OEM/OES and focusing on "point of consumption." 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, 2-Wheelers, etc.
Koovers DMS App is used for ordering the required parts and their tech platform has 1.8 Mn 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 unorganized 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. With a strong leadership team comprising of Vinayak YB (CTO) who comes with strong Technology and eCommerce 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 was founded by industry veterans with over 25 years of experience each in Spares, Sales, Service and Technology. Koovers blends deep Automotive knowledge with spare parts supply chain management and technology, to be able to deliver "Right Spares at the Right Time for the Right Price".
About Inflection Point Ventures
Inflection Point Ventures is an angel investing platform with over 5100 CXOs, HNIs and Professionals to together invest in startups. The firm supports new-age entrepreneurs by providing them monetary & experiential capital and connecting them with a diverse group of investors. IPV started in 2018 believes that ‘Everyone can Grow with Startups’ as it plans to invest INR 155 Cr in 2021 across 60 startups.