Indian Angel Network, Asia’s largest network of Angel investors, has invested Rs. 3.5 crore in Pune-based start-up SparesHub, an automobile parts start-up. SparesHub will utilise the funds for its geographical expansion and to strengthen its technology capabilities. The funding was led by Indian Angel members Neeraj Garg, Harsh Gandhi, and Ankur Agarwal.
Prior to this funding, SparesHub raised Rs.40 lakhs from The Chennai Angels in July 2017.
Founded by Tapas P. Gupta and Arijit A. Chakraborty, the SparesHub team currently comprises 27 employees. It solves the problem of the unavailability of, and over-expensive, automobile parts which result in a significant loss of time, money, and efforts for car owners in India. Since its inception, SparesHub has been working to disintermediate and digitize the automobile parts industry in India. To this end, it is introducing modern supply chain and logistics methodologies in the industry, and caters to B2B customers.
SparesHub works with India’s leading car companies and part manufacturers to make OEM and OES parts available to its customers (multi-brand service centres, service aggregators, fleet owners and insurance companies). Existing investor Holomua Group Inc, also participated in the investment round.
Padmaja Ruparel, President and Co-founder of Indian Angel Network, added, “The decision to invest in SparesHub was taken after a careful assessment of the business, the team’s vision, and its strategy to achieve the same. The company has the makings of a modern tech-based venture, with a unique business model, a strong technological framework, a product that fills a major gap in the market, and of course, a strong team. We are confident that the team will continue to enhance its product and build its USP, and emerge as one of the leading players in its domain.”
Tapas Gupta – CEO of SparesHub, commented, “Our mission is to create a whole new level of customer delight by leveraging technology. SparesHub is challenging the traditional methodologies and bringing in global best practices in the automobile parts supply chain and logistics domain. We are truly grateful for the funding from Indian Angel Network and the faith they have shown in our business model, and we hope for a long and fruitful collaboration with the Network.”
To recall, in December Gurgaon-based boodmo.com, an online marketplace for automotive spare parts, had raised funding of INR 7 Crores from an undisclosed source.
Indian Angel Network invests in early-stage businesses, which have the potential to create disruption. The members of the network are leaders in the entrepreneurial ecosystem with strong operational experience as CEOs or a background of creating new and successful ventures. IAN goes beyond the normal, informal, local club structure of angel groups to a larger institutionalized model because of its nimble but robust, standardized, and transparent processes that allow it to scale across geographies and a large number of members.