B2B auto supplies platform Koovers receives funding of $1 million from Canbank VC and HNIs
- ByStartupStory | June 18, 2022
Canbank Venture Capital Fund Ltd, Rajiv M Sanghvi of PPS Group, and Naveen Philip of Kuttukaran Homes have invested $1 million in Koovers, a business-to-business (B2B) automotive aftermarket rapid commerce company. PPS Group and Kuttukaran Group are automobile dealers.
Investors that have already invested This round of investment includes Inflection Point Ventures and JPIN. The new funds will be used by Koovers, which is owned by Krsv Innovative Auto Solutions Pvt Ltd, to develop its technology and expand its product offering to new cities in the domestic market. It was also mentioned that a portion of the funds will be used to enter the premium automobile aftermarket.
Koovers is a B2B e-commerce website focused on delivering spare parts to independent auto workshops (IWS) and the aftermarket ecosystem, founded by Vinayak, Sandeep Begur, and S Prem Kumar in 2016. The company’s network includes almost 10,000 workshops. GoMechanic, a key venture capital-backed competitor in the industry, raised $42 million in its Series C fundraising round in June of last year.
Canbank Venture Capital Fund, a subsidiary of Canara Bank Ltd, is currently investing from its sixth fund. The Department of Electronics and Information Technology (DeitY) has also picked it to handle the Rs 2,206-crore Electronic Development Fund. Renalyx, a supplier of renal care solutions, CoRover, a chatbot developer, and Settlrs, a B2B services rental platform, are among its recent investments.
Follow Startup Story
Related Posts
