Koovers, a business-to-business auto spares startup, has raised $1.5 million in a round led by Inflection Point Ventures. JPIN-VCats and Venture Catalysts are among the other investors in the round.
The funds will be used to grow the company’s product line and improve its technological infrastructure, according to the company.
Vinayak, Sandeep Begur, and S Prem Kumar founded Koovers in 2016 to provide automobile workshops with doorstep delivery of genuine spares from all car manufacturers at low pricing. Even with Covid, the company has over 5,000 workshops in its network and has grown at a rate of 100 percent year on year. It generates $4.5 million in annual income.
“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 on 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.