Industry

Chennai Angels invests in SparesHub owner Iradium

International economy money icon and currency unit on autumn leaves

International economy money icon and currency unit on autumn leaves  

The Chennai Angels (TCA) has joined a few others to infuse fresh funds into Iradium Automobiles Pvt. Ltd.

Iradium Automobiles owns and manages SparesHub.com, an automobile parts marketplace catering to the requirements of independent, multi-brand workshops and car owners across India. The start-up is based in Pune and has a headcount of 27.

The Chennai Angels has committed an investment of ₹40 lakh into the start-up. The investment is done as part of the total investment round of ₹2 crore which saw participation from Anthill Scale Ventures (Singapore), Esvee Technologies Inc. (U.S.) and Inc95 Consulting, among others.

SparesHub.com offers a range of parts such as braking system, clutch system and suspension system for cars along with regular service parts.

The funds would be used to expand the current customer base of SparesHub, enter new geographical areas and strengthen its technology platform, a release said.

SparesHub currently has more than 170 registered workshops on its platform that buy parts from SparesHub. This is the second investment round that the start-up has raised. The first investment was raised in October 2015.

“The Indian auto parts industry has started to adopt e-commerce and other modern retail methodologies,” a statement quoted Tapas Gupta, CEO, Iradium Automobiles as saying. “SparesHub is at the forefront of these evolution.”

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Aug 13, 2020 3:44:28 AM | https://www.thehindu.com/business/Industry/chennai-angels-invests-in-spareshub-owner-iradium/article19150501.ece

Next Story