The Chennai Angels (TCA) today announced an investment of Rs. 40 lakhs in Iradium Automobiles Private Limited. The investment was as part of the total investment round of Rs. 2 crores which also saw participation from Anthill Scale Ventures (Singapore), Esvee Technologies Inc. (USA), Inc95 Consulting and other HNIs. Iradium Automobiles Private Limited owns and manages SparesHub.com, an automobiles parts marketplace catering to the requirements of car parts of independent multi-brand workshops and car owners across India. The startup is based in Pune and has a total team size of 27 employees.
There are more than 23 million cars in India and the automobile parts replacement market is estimated to be worth $8 billion growing at an estimated 12%-14% year on year. The traditional car parts industry is evolving fast with many car makers opening and promoting the open sale of car parts to multi-brand workshops and car owners.
SparesHub.com offers an extensive range of parts like braking system, clutch system, suspension system for cars along with regular service parts.
The investment funds would be used to grow the current customer base of SparesHub, enter new geographical areas of operations and strengthen its technology platform. SparesHub currently has 170+ registered workshops on it’s platform who buy car parts regularly from SparesHub. This is the second investment round that the startup has raised. The first investment round was raised in October 2015.
“Spareshub in a venture which is the process of transforming the way genuine automotive spares are distributed ,by using technology. Creating an online platform showcasing spares from leading automobile Manufactures, Spareshub is also enhancing the reach of genuine spares to the underserved ,remote parts of the country .Given the fast growing automobile industry and aftermarket, Spareshub is uniquely positioned to tap the consequent emerging opportunities in the sector”. said Mr. Mahalingam one of the investors from The Chennai Angels.
“We are very excited about the next phase of growth at SparesHub with this investment round. The Indian auto parts industry has started to adopt e-commerce, and other modern retail methodologies. SparesHub is at the forefront of these evolutions and on track with its vision of revolutionizing the auto parts industry in India using technology,” said Mr. Tapas Gupta, Founder and CEO of Iradium Automobiles Private Limited.
Iradium Automobiles Private Limited owns and operates Spareshub.com, an online marketplace of automobiles parts through which anyone can buy and sell automobiles parts throughout India.
The Chennai Angels is one of India’s most active angel investing groups. Founded in the year 2007, it is comprised of successful entrepreneurs and business leaders with a track record of starting and scaling large enterprises. Additionally, several seed and venture capital firms hold institutional membership in the group. Though it is located in Chennai, TCA’s investing members and portfolio investments are not limited by geography. Unusually for an angel investing group, TCA has a diversified portfolio that goes well beyond a restrictive tech focus, reflecting the diversity of its members’ interests. TCA portfolio companies benefit from the collective expertise and rolodex of its members.