ThinkStock PhotosIndian Angel Network has invested Rs. 3.5 crore in Pune-based SparesHub, an automobile parts company. 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.
According to a 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.
“The decision to invest in SparesHub was taken after a careful assessment of the business, the team’s vision, and its strategy to achieve the same. 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. We are confident that the team will continue to enhance its product and build its USP, and emerge as one of the leading players in its domain,” said Padmaja Ruparel, President and Co-founder of Indian Angel Network in a statement.
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.
“Our mission is 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,” said Tapas Gupta – CEO of SparesHub.
Indian Angel Network is Asia’s largest network of angel investors that invests in early-stage businesses, which have the potential to create disruption. The members of the network are leaders in the entrepreneurial ecosystem with strong operational experience as CEOs or a background of creating new and successful ventures. Some of its notable investee companies include, WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure amongst many others.
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.
According to a 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.
“The decision to invest in SparesHub was taken after a careful assessment of the business, the team’s vision, and its strategy to achieve the same. 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. We are confident that the team will continue to enhance its product and build its USP, and emerge as one of the leading players in its domain,” said Padmaja Ruparel, President and Co-founder of Indian Angel Network in a statement.
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.
“Our mission is 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,” said Tapas Gupta – CEO of SparesHub.
Indian Angel Network is Asia’s largest network of angel investors that invests in early-stage businesses, which have the potential to create disruption. The members of the network are leaders in the entrepreneurial ecosystem with strong operational experience as CEOs or a background of creating new and successful ventures. Some of its notable investee companies include, WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure amongst many others.
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