B2B automobile spares startup Koovers has raised $1.5 million driven by Inflection Point Ventures (IPV), JPIN-VCats and Venture Catalysts.
According to the Delhi-based startup, the assets will be utilized to expand its presence across India, expand its product portfolio, and upgrade its innovation platform.
Established in 2016 by Vinayak YB, Sandeep Begur and S Prem Kumar, Koovers centers around supplying genuine spare parts to independent auto workshops and the aftermarket biological system including ordering and doorstep delivery.
The startup has over 5,000 workshops in its network. Notwithstanding the COVID-19 lockdown, it claims to have timed 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 probably going to invest Rs 155 crore this year across more than 60 startups.
