One of the active Angels investors group, The Chennai Angels has invested Rs. 40 lakhs in Automobiles Parts Marketplace SparesHub.com. The investment is a part of the total funding round of Rs. 2 crores which also saw participation from Anthill Scale Ventures (Singapore), Esvee Technologies Inc. (USA), Inc95 Consulting and other HNIs. This is the second investment round that the startup has raised. The first investment round was raised in October 2015.
SparesHub.com, an automobiles parts marketplace catering to the requirements of car parts of independent multi-brand workshops and car owners across India. The startup offers an extensive range of parts like a braking system, clutch system, suspension system for cars along with regular service parts.
There are more than 23 million cars in India and the automobile parts replacement market is estimated to be worth $8 billion growing at an estimated 12%-14% year on year. The traditional car parts industry is evolving fast with many car makers opening and promoting the open sale of car parts to multi-brand workshops and car owners.
“We are very excited about the next phase of growth at SparesHub with this investment round. The Indian auto parts industry has started to adopt e-commerce and other modern retail methodologies. SparesHub is at the forefront of these evolutions and on track with its vision of revolutionizing the auto parts industry in India using technology,” said Mr. Tapas Gupta, Founder and CEO of SparesHub.
The startup is based in Pune and has a total team size of 27 employees. The investment funds would be used to grow the current customer base of SparesHub, enter new geographical areas of operations and strengthen its technology platform. SparesHub currently has 170+ registered workshops on its platform who buy car parts regularly from SparesHub.