The Chennai Angels, an investor group committed to nurturing new-gen entrepreneurs, has invested ₹40 lakh in Pune-based Iradium Automobiles Pvt Ltd, which owns and manages the e-commerce portal SparesHub.com.
The funds will be used to grow SparesHub’s customer base, enter new markets and strengthen its technology platform.
“The Indian auto parts industry has started to adopt e-commerce and other modern retail methodologies. SparesHub is at the forefront of these evolution,” said Tapas Gupta, Founder and CEO of Iradium Automobiles,
In line with the evolution of the traditional car parts industry, SparesHub.com offers a wide range of parts like braking system, clutch system, suspension system for cars along with regular service parts. It has 170-plus registered workshops on its platform, all of which source car parts regularly from it.
“Creating an online platform showcasing spares from leading automobile companies, Spareshub is also enhancing the reach of genuine spares to underserved, remote parts of the country,” said K Mahalingam, one of the investors at The Chennai Angels.
Second roundThis is the second investment round that the start-up, which has a team size of 27, has raised.
The first investment round was in October 2015.
The Chennai Angels’ investment in Iradium was part of a total investment of ₹2 crore, which included participation from Anthill Scale Ventures (Singapore), Esvee Technologies Inc. (USA), Inc95 Consulting and other high networth individuals.