Koovers Raises $1.5 Mn Led By Inflection Point VenturesThe funds raised will be used to enter more geographies across India, expand product portfolio and to upgrade technology platform
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B2B Automobiles spares startup Koovers, on Wednesday announced to have raised $1.5 million 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 technology platform.
"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 who comes with strong Technology and e-commerce background, and S. Prem Kumar, 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," said Sandeep Begur, co-founder and chief executive officer,Koovers.
Koovers has more than 5000 Workshops in the network and has clocked 100 per cent y-o-y growth despite the COVID lockdown with $4.5 million ARR.
"Car maintenance is a large market in India and it is mostly unorganized. Car owners normally find a workshop close to their locations for maintenance and repair work as sending it to dealers'run service shop is both expensive and time-consuming. Koovers is tapping the unorganized 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 model with path to profitability. Koovers delivers on both the key parameters," added Mitesh Shah, co-founder, Inflection Point Ventures.
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.
