PUNE, India, Nov. 25, 2015 /PRNewswire/ -- Indian automotive internet startup SparesHub.com, has secured an undisclosed amount of Pre-Series-A investment from Hyderabad Angels, Singapore based M&S Partners and Anthill Ventures. SparesHub.com is an e-commerce marketplace for automobile parts and services, co-founded by Tapas Gupta and Arijit Chakraborty with the vision to organize the automobile parts and services industry using technology. It is building a network of SparesHub certified car garages across India.
Hyderabad Angels was the lead investor in this round and accordingly Prasad Vanga, an investor with Hyderabad Angels and P S Sreekanth, Investment Director at Hyderabad Angels would join the Board as Director and Observer respectively.
"SparesHub would be using these funds to expand existing operations, improve technology infrastructure and enter new markets outside India. It has entered into agreements with multiple car manufacturers and part manufacturers to offer their range of aftermarket parts online," says P S Sreekanth, Investment Director at Hyderabad Angels
Prasad Vanga, an Investor with Hyderabad Angels and founder of Anthill Ventures would be joining the Board of Directors of SparesHub. "We are excited to back SparesHub. The automotive spare parts market in India is growing and needs better quality & original spares directly delivered to consumer in the most efficient way. We feel the team at SparesHub will have many happy customers," says Prasad Vanga, Anthill Ventures.
SparesHub is currently a team of nine automobile enthusiasts. "There is a lot of startup activity going on globally in the automotive & transportation industry because of the large size of the market. There is tremendous scope of disruption using technology as an enabler in the global as well as Indian market. The Company's vision and passion are shared unequivocally by the incoming investors," says Tapas Gupta CEO of SparesHub.com.
Tapas Gupta and Arijit Chakraborty, who were classmates during their post-graduation and shared a common passion for cars and bikes, founded SparesHub 18 months ago. It currently offers more than 40,000 car parts across multiple brands and model and has partnered with 25+ car service centers across West India to offer them replacement parts. It's customers have high customer lifetime value and repeat purchase rates as automobile parts are high ticket value items. The company plans to open multiple sourcing hubs across India.
"There are immense opportunities in the Indian automobile industry for technological innovation and new solutions. Global automotive best practices are making inroads in India. We are proud to back SparesHub.com to lead this change and help it in its global expansion," adds Hiro, founder & director, M&S Partners, Singapore.
The global counterparts of SparesHub are Chinese auto parts Internet company Tuhu, which recently raised $100 million in Series C investment and U.S.A. based Repair-Pal which raised $13 million in funding in early 2013.