Automobile parts marketplace SparesHub, run by Iradium Automobiles Pvt. Ltd, has raised Rs 3.5 crore ($500,710 at current exchange rates) from the Indian Angel Network (IAN).
The round was led by IAN members Neeraj Garg, Harsh Gandhi and Ankur Agarwal. Existing investor Holomua Group Inc. also participated in the round, SparesHub said in a statement.
The company said it will use the funds for geographical expansion and to strengthen its technology capabilities.
SparesHub works with car companies and component manufacturers to make auto parts available to its customers. Its customers are multi-brand service centres, service aggregators, fleet owners and insurance companies.
“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,” said Padmaja Ruparel, president and co-founder of IAN.
The company was founded by Tapas Gupta and Arijit Chakraborty in December 2013. In June 2017, the company had raised Rs 2 crore from a clutch of investors including The Chennai Angels, Singapore-based Anthill Scale Ventures, US-based Esvee Technologies Inc. and Inc95 Consulting.
SparesHub had raised pre-Series A funding in 2015 from Hyderabad Angels and Singapore-based M&S Partners.
“SparesHub is challenging the traditional methodologies and bringing in global best practices in the automobile parts supply chain and logistics domain,” Gupta said.
