Pune-based Iradium Automobiles Private Limited, which owns SparesHub.com, has raised an undisclosed amount in Pre-Series A round of funding led by Hyderabad Angels and Singapore based M&S Partners.
Prasad Vanga, an investor with Hyderabad Angels and P S Sreekanth, investment director at Hyderabad Angels would join the Board as director and observer respectively.
Founded in 2013 by Tapas Gupta and Arijit Chakraborty, SparesHub, is an ecommerce marketplace for automobile parts and services. The company’s vision is to organise the automobile parts and services industry using technology.
Currently, the startup offers over 40,000 car parts across multiple brands and model and has partnered with over 25 car service centers, across West India to offer them replacement parts. The portal’s customers have high customer lifetime value and repeat purchase rates, as automobile parts are high ticket value items. Besides, the company is looking to open multiple sourcing hubs across India.
SparesHub will utilise the funds to expand its operations, improve technology infrastructure and enroll more participants in its marketplace. “It has entered into agreements with multiple car manufacturers and part manufacturers to offer their range of aftermarket parts online,” said P S Sreekanth.
SparesHub is also a portfolio company of Delhi-based 91Springboard, and Varun Chawla from 91Springboard serves as an advisor to the startup. “There is a lot of startup activity going on globally in the automotive & transportation industry because of the large size of the market. There is tremendous scope of disruption using technology as an enabler in the global as well as Indian market,” said Tapas Gupta co-founder and CEO of SparesHub.
SparesHub’s global competitors include Chinese auto parts internet company, Tuhu, which recently raised $100 Mn in Series C investment and U.S.A. based Repair-Pal which raised $13 Mn in funding in early 2013. The company also face indirect competition from a couple of Indian startups in this space.
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