| Log in
Photo Credit: Thinkstock

Auto parts marketplace SparesHub raises funds from Chennai Angels, others

27 June, 2017

Automobile parts marketplace SparesHub.com, run by Iradium Automobiles Pvt. Ltd, has raised Rs 2 crore ($311,000) from a clutch of investors including The Chennai Angels, Singapore-based Anthill Scale Ventures, US-based Esvee Technologies Inc, and Inc95 Consulting, a press statement said.

Some high-net-worth investors also took part in the round.

About a fifth of the capital came from The Chennai Angels, which put in Rs 40 lakh ($62,000).

The Pune-based startup will use the funds to expand its customer base, strengthen its technology infrastructure and enter new geographical areas, the statement added.

Founded by Tapas Gupta and Arijit Chakraborty in December 2013, SparesHub claims to have more than 170 workshops on its platform that are its regular customers.

Gupta earlier worked as a credit analyst with ratings agency Crisil while Chakraborty has worked at Tata Motors, Reliance and Dell in the past.

SparesHub had raised pre-Series A funding in 2015 from Hyderabad Angels and Singapore-based M&S Partners.

A number of auto-maintenance marketplaces have either raised funding in the recent past or are looking to mobilise funds.

In January this year, vehicle maintenance marketplace Nephonine Solutions Pvt. Ltd, which offers services under the brand Hoopy, raised angel funding from a clutch of wealthy individuals.

In May last year, MotoMojo, a mobile app-based marketplace that connects owners of two- and four-wheelers with service stations, raised an undisclosed amount in angel funding from the founders of startup enabler VentesAvenues.

In August last year, VCCircle reported that car-maintenance marketplace Zonnett was in advanced talks to raise a Series A round of funding.

Like this report? Sign up for our daily newsletter to get our top reports.


Leave Your Comment
Hyderabad Angels, M&S Partners invest in SparesHub

Hyderabad Angels, M&S Partners invest in SparesHub

Binu Paul 2 years ago
Pune-based Iradium Automobiles Pvt Ltd, which operates online automobile parts...
Two-wheeler servicing startup Let’s Service raises pre-Series A funding

Two-wheeler servicing startup Let’s Service raises pre-Series A funding

Arti Singh 2 months ago
Bengaluru-based LetsService Automotive Technologies Pvt. Ltd has raised an...
Aftersales car service platform Pitstop raises $1 mn in pre-Series A round

Aftersales car service platform Pitstop raises $1 mn in pre-Series A round

Vijayakumar Pitchiah 2 months ago
Bangalore-based Chatpay Commerce Pvt Ltd, which operates after-sales car service...
No Comments

Auto parts marketplace SparesHub raises funds from Chennai Angels, others

Powered by WordPress.com VIP