New Delhi: Koovers, a business-to-business (B2B) automotive supplies platform, has received a $1 million investment from CanbankVC and two high-net-worth individuals (HNIs).
Koovers is run by Bengaluru-based KRSV Innovative Auto Solutions Pvt Ltd, which was founded by Sandeep Begur, Vinayak, and Prem Kumar. It has a 10,000-workshop network.
Since raising $1.5 million from a group of investors in October 2021, the company’s network has doubled, according to the company.
“In the United States and China, there are billion-dollar publicly traded companies, whereas the B2B automotive aftermarket in India is still in its infancy.” One of the investors stated, “Koovers has the early mover advantage with a blueprint to quickly gain market share.”
The funds will be used to improve Koovers’ technology, expand its product portfolio, and expand into the premium vehicle aftermarket. Andhra Pradesh, Telengana, Kerala, Karnataka, and Delhi are among the states where it operates.
“In the United States and China, there are billion-dollar publicly traded companies, whereas the B2B automotive aftermarket in India is still in its infancy.” One of the investors stated, “Koovers has the early mover advantage with a blueprint to quickly gain market share.”
The funds will be used to improve Koovers’ technology, expand its product portfolio, and expand into the premium vehicle aftermarket. Andhra Pradesh, Telengana, Kerala, Karnataka, and Delhi are among the states where it operates.
