Pune-based Iradium Automobiles Private Limited which owns SparesHub.com, has secured an undisclosed amount of Pre-Series A investment from Hyderabad Angels and Singapore based M&S Partners. Hyderabad Angels was the lead investor in this round and as per the deal, 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.
The raised funding will be used to expand its existing operations, improve technology infrastructure and enroll more participants in its marketplace. The company has entered into agreements with multiple car manufacturers and part manufacturers to offer their range of aftermarket parts online.
Founded in April 2014, SparesHub is an eCommerce marketplace for automobile parts and services, co-founded by Tapas Gupta and Arijit Chakraborty with the vision to organize the automobile parts and services industry using technology. It is also a portfolio company of Delhi-based 91Springboard and Varun Chawla from 91Springboard serves as an advisor to the startup. SparesHub is currently a team of nine automobile enthusiasts and is looking to hire aggressively.
It currently offers more than 40,000 car parts across multiple brands and model and has partnered with 25+ car service centers across West India to offer them replacement parts. The company plans to open multiple sourcing hubs across India.
The global counterparts of SparesHub are Chinese auto parts Internet company Tuhu, which recently raised $100 million in Series C investment and USA based Repair-Pal which raised $13 million in funding in early 2013.
The automotive spare parts market in India is growing and needs better quality & original spares directly delivered to consumer in the most efficient way. There is a lot of startup activity going on globally in the automotive & transportation industry because of the large size of the market. There are immense opportunities in the Indian automobile industry for technological innovation and new solutions. Global automotive best practices are making inroads in India. With this funding, SparesHub can lead this change and help it in its global expansion.