B2B automobile spares startup Koovers has raised $1.5 million led by Inflection Point Ventures (IPV), JPIN-VCats and Venture Catalysts.
According to the Delhi-based startup, the funds will be used to expand its presence across India, expand its product portfolio, and upgrade its technology platform.
Founded in 2016 by Vinayak YB, Sandeep Begur and S Prem Kumar, Koovers focuses on supplying genuine spare parts to independent auto workshops and the aftermarket ecosystem including ordering and doorstep delivery.
The startup has over 5,000 workshops in its network. Despite the COVID-19 lockdown, it claims to have clocked 100% annual growth with $4.5 million ARR.
Koovers is the 36th deal for IPV in 2021. According to the VC firm, it has so far invested Rs 292 crore across 98 deals and is likely to invest Rs 155 crore this year across more than 60 startups.