Boosting its efforts to capture the growing online auto spare parts market in India, Gurugram-based auto spare parts online marketplace boodmo.com has raised INR 8 Crores in fresh funding from an undisclosed investor. With the latest funding, the enterprise has so far raised INR 35 Crores through FDI.
In 2017, boodmo raised INR 10 Crores in its first investment round, followed by an additional INR 5 Crores in the same year. The company raised INR 5 Crores in July 2018 and an additional INR 7 Crores in December 2018.
Launched in 2015 by two Ukrainian entrepreneurs – Yevgen Sokolnikov and Oleksandr Danylenko – boodmo.com is India’s fastest growing online auto spare parts marketplace. The enterprise aims to lead the innovation in the online auto component industry by organizing the market and making it more dynamic and transparent for all the stakeholders. With over 1 million varieties of spare parts by 400 suppliers of over 3,000 Indian as well as international brands available on its e-store, the organization has a massive e-repository of genuine OEM and aftermarket spare parts.
Talking about the freshly infused capital, Mr Oleksandr Danylenko, Managing Director & Co-Founder, boodmo.com, said, “With the Indian auto components industry poised to become the 3rd largest in the world by 2025, we are looking to strengthen our position in the Indian online auto spare parts market by launching new Sorting Hubs, boosting technology infrastructure and hiring appropriately skilled manpower. This new funding will help us expand our presence in the country and smoothen our operations, which would in turn help us make swift product delivery to the customers.”
He further added, “We already have Sorting Hubs in Delhi and Jaipur. This additional funding will help us streamline the operations for our new Sorting Hub that will be opened in Bengaluru in the next two weeks. We also plan to open a Sorting Hub in Maharashtra in the last quarter of 2019. While the online spare parts industry in India is highly fragmented and suffers from lack of customer trust, our Sorting Hubs are a step towards ensuring that only good quality products are delivered to the customers. Our innovative approach to ensure the quality of the products by following stringent quality checks at our Sorting Hubs will not only ensure reliability but also offer a robust distribution network.”
A unit of Smart Parts Online Private Limited, boodmo.com has introduced a first-of-its-kind ‘Spare Parts Catalogue’ on its website. This catalogue is a vast database with a comprehensive list of spare parts that enables buyers as well as sellers to identify the exact parts and their corresponding part number by surfing through the vehicle’s manufacturer, make and year of manufacturing. This helps them in short listing the exact product that would fit their vehicle. Developed and maintained by boodmo, this database has been made available to other online spare part marketplaces as well for everyone to use and benefit.
Currently, boodmo.com is receiving 600-700 orders every day with 10 lakh unique portal visitors per month. So far, it has served 40,000 customers and more than 40% of them returned for second purchase. The enterprise is actively looking to set up more Sorting Hubs in Tier 1 and Tier 2 cities in order to become the number one online destination for auto spare parts in India.
It may also be recalled that in March, an another automobile parts start-up, SparesHub, had raised INR 3.5 crore from Indian Angel Network, Asia’s largest network of Angel investors.