Koovers, a buinsess-to-business (B2B) automotive aftermarket quick commerce startup, has raised $1 million in pre-Series A funding round from Canbank Venture Capital Fund Ltd, Rajiv M Sanghvi of PPS Group and Naveen Philip of Kuttukaran Homes.
PPS Group and Kuttukaran Group are automobile dealers.
Existing investors Inflection Point Ventures and JPIN participate in this funding, said Canbank in a statement.
Koovers, operated by Krsv Innovative Auto Solutions Pvt Ltd, will use the fresh capital to strengthen its technology and expand its product portfolio to different cities in the domestic market, it said. Part of the funds will be deployed to enter the premium vehicle after-market space, it added.
Founded by Vinayak, Sandeep Begur, and S Prem Kumar in 2016, Koovers is a B2B e-commerce platform focusing on supplying spare parts to independent auto workshops (IWS) and the aftermarket ecosystem. The company has nearly 10,000 workshops in its network, it said.
A major venture capital backed player in the space is GoMechanic, which raised $42 million (Rs 352 crore) as part of its Series C funding round in June last year.
Canbank Venture Capital Fund, a subsidiary of state-run Canara Bank Ltd, is investing out of its sixth fund. It was also selected by the Department of Electronics and Information Technology (DeitY) to manage the Rs 2,206-crore Electronic Development Fund.
Its recent investments include renal care solutions provider Renalyx, chatbot maker CoRover and business-to-business (B2B) services rental platform Settlrs.