Indian Angel Network invests Rs. 3.5 crore in Pune-based automobile parts startup SparesHub
SparesHub will utilise the funds for its geographical expansion and to strengthen its technology capabilities.
Indian Angel Network has invested Rs 3.5 crore in Pune-based start-up SparesHub, an automobile parts start-up. SparesHub will utilise the funds for its geographical expansion and to strengthen its technology capabilities. The funding was led by Indian Angel members Neeraj Garg, Harsh Gandhi, and Ankur Agarwal .
"Founded by Tapas P Gupta and Arijit A Chakraborty, the SparesHub team currently comprises 27 employees. It solves the problem of the unavailability of, and over-expensive, automobile parts which result in a significant loss of time, money, and efforts for car owners in India," said the IAN in a press statement.
Since its inception, SparesHub has been working to disintermediate and digitize the automobile parts industry in India. To this end, it is introducing modern supply chain and logistics methodologies in the industry, and caters to B2B customers.
"SparesHub works with India’s leading car companies and part manufacturers to make OEM and OES parts available to its customers (multi-brand service centres, service aggregators, fleet owners and insurance companies). Existing investor Holomua Group Inc, also participated in the investment round," it said.
Tapas Gupta – CEO of SparesHub, said that the company aims to create a whole new level of customer delight by leveraging technology.
"SparesHub is challenging the traditional methodologies and bringing in global best practices in the automobile parts supply chain and logistics domain," he said.
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Indian Angel Network is one of Asia’s largest networks of angel investors that invest in early-stage businesses, which have the potential to create disruption.
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