Automotive Supplies Platform Koovers Raises $1 Million In Funding
Koovers, a business-to-business (B2B) automotive supplies platform, has raised $1 million in pre-Series A funding round from Canbank Venture Capital Fund Ltd, Rajiv M Sanghvi of PPS Group and Naveen Philip of Kuttukaran Homes.
The funding round also saw participation from existing investors Inflection Point Ventures and JPIN.
As per the startup, the freshly raised funds will be used to strengthen its technology and expand its product portfolio to different cities in the domestic market. Also, part of the raised capital will be used to enter the premium vehicle after-market space.
Koovers | Simplifying The Post-warranty Car Segment
Founded by Vinayak, Sandeep Begur, and S Prem Kumar in 2016, Koovers is a B2B e-commerce platform offering automobile spare parts. With nearly 10,000 workshops in its network, the startup focuses on supplying spare parts to independent auto workshops (IWS) and the aftermarket ecosystem.
As per the startup, its network has doubled since it last raised $1.5 million from a group of investors in October 2021. Currently, the startup operates in Andhra Pradesh, Telengana, Kerala, Karnataka and Delhi.
In this segment, the major venture capital-backed player is GoMechanic, which has a network of technology-enabled automobile service centres. The startup had raised $42 million (Rs 352 crore) as part of its Series C funding round in June 2021. GoMechanic is also in talks with Tiger Global to raise a new financing round.
A subsidiary of state-run Canara Bank Ltd, Canbank Venture Capital Fund is investing out of its sixth fund. The VC fund was also selected by the Department of Electronics and Information Technology (DeitY) to manage the Rs 2,206-crore Electronic Development Fund.
Recently, the VC fund has invested in several startups, including chatbot maker CoRover, renal care solutions provider Renalyx, and business-to-business (B2B) services rental platform Settlrs.
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