Monday, September 26, 2022
HomeInsightFunding Alert Koovers raises $1 mn in pre-Series A funding

[Funding alert] Koovers raises $1 mn in pre-Series A funding

[Funding alert] Koovers raises $1 mn in pre-Series A funding

Buinsess-to-business (B2B) automobile spare parts startup Koovers has raised $1 million in pre-Series A funding round from Canbank Venture Capital Fund Ltd, Rajiv M Sanghvi(PPS Group) and Naveen Philip (Kuttukaran Homes).

The round also saw participation from existing investors Inflection Point Ventures and JPIN.

Read also – [Funding alert] FanClash raises $40 mn in Series B round

The startup plans to use the funds to strengthen its technology and expand its product portfolio to various cities in the domestic market.

It will also use the funds to enter the premium vehicle after-market space.

Delhi-based Koovers was founded in 2016 by Vinayak, Sandeep Begur, and S Prem Kumar, It is a B2B e-commerce platform focused on supply of spare parts to Independent Auto Workshop (IWS) and aftermarket ecosystem.

The company said it has about 10,000 workshops in its network.

Read also – [Funding alert] G.O.A.T Brand Labs raises $50 mn in Series A1 round

Koovers currently operates in Andhra Pradesh, Telangana, Kerala, Karnataka and Delhi.

“There are billion-dollar listed corporations in the US and China, whereas the B2B automotive aftermarket in India is at a nascent stage. Koovers has the early mover advantage with a blueprint to quickly garner market share”, one of the investors said.

In October 2021, Koovers had raised 1.5 million in a funding round from Inflection Point Ventures, JPIN-VCats, and Venture Catalysts.

About Koovers

Koovers is founded by industry veterans with over 25 years of experience each in Spares, Sales, Service and Technology. Koovers blends Industry knowledge, ability to source all OEM parts with spare parts supply chain management and technology, to be able to deliver “Right Spares at the Right Time for the Right Price”.

Read also – [Funding alert] FanClash raises $40 mn in Series B round

They are driven by the vision to marry best-in-class technology with exceptional service standards to professionalise and simplify the post-warranty car segment, making car servicing a truly enjoyable routine.

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