SparesHub, an online marketplace of automobiles parts, has raised Rs 2 crore The Chennai Angels. The deal also saw the participation from Anthill Scale Ventures, Esvee Technologies, Chennai Angels and other high net-worth individuals (HNIs).
The fund raised will be used in integrating latest technology and its expansion in new geographical areas.
Founded in 2013 by Tapas Gupta and Arijit Chakraborty, SparesHub presently has over 170 registered workshops on its platform. Iradium Automobiles Private Limited owns and operates SparesHub. It also directly works with multiple car companies in India to make a genuine range of automobile parts available across the country through ecommerce.
“The Indian auto parts industry has started to adopt e-commerce and other modern retail technologies and SparesHub is on track with the vision of revolutionising the auto parts industry using technology,” said Gupta, CEO of Spareshub.
Pune-based company retails components of more than 50 cars brands including Skoda, VolksWagen, BMW and Audi. In 2015, the firm has raised about Rs 3 crore from Singapore-based M&S Partners and Hyderabad Angels.
The automobile parts replacement market is estimated to be worth $8 billion growing at an estimated 12%-14% year-on-year.
SparesHub aims to transform the way genuine automotive spares are distributed. The startup is expanding its reach to the remote parts of India.
The Chennai Angels is one of India’s most active angel investing groups. It was founded in 2007, it is a team of entrepreneurs and business leaders with a track record of starting and scaling large enterprises. Besides, many seed and venture capital firms have institutional membership in the group.