The Chennai Angels (TCA) nowadays announced a funding of Rs. Forty Lakhs in Iridium Automobiles Private Limited. The investment changed into as part of the total investment spherical of Rs. 2 crores which additionally noticed participation from Anthill Scale Ventures (Singapore), Esvee Technologies Inc. (USA), Inc95 Consulting and other HNIs. Stadium Automobiles Private Limited owns and manages SparesHub.Com, a vehicles elements market catering to the necessities of vehicle components of independent multi-emblem workshops and vehicle owners across India. The startup is based in Pune and has a complete team length of 27 employees.
There are more than 23 million automobiles in India and the automobile elements replacement marketplace is estimated to be worth $eight billion developing at a predicted 12%-14% 12 months on yr. The conventional automobile components enterprise is evolving rapidly with many vehicle makers commencing and selling the open sale of vehicle components to multi-brand workshops and vehicle owners.
SparesHub.Com offers an in-depth variety of parts like breaking gadget, clutch device, suspension machine for motors at the side of ordinary provider elements.
The funding finances might be used to develop the contemporary consumer base of SparesHub, enter new geographical regions of operations and enhance its technology platform. SparesHub presently has a hundred and seventy+ registered workshops on its platform who buy automobile components often from SparesHub. This is the second investment spherical that the startup has raised. The first investment spherical become raised in October 2015.
“Spare hub in a project that is the manner of remodeling the way genuine automobile spares are allotted, through the usage of generation. Creating an online platform showcasing spares from main vehicle Manufactures, a Spare stub is likewise enhancing the attain of genuine spares to the underserved, far away parts of the country.Given the short developing vehicle industry and aftermarket, the Spare hub has uniquely placed to faucet the consequent emerging opportunities inside the area”. Said Mr. Mahalingam one of the buyers from The Chennai Angels.
“We are very excited about the subsequent section of the boom at SparesHub with this funding spherical. The Indian auto parts industry has begun to adopt e-trade and different contemporary retail methodologies. SparesHub is at the vanguard of these evolutions and heading in the right direction with its imaginative and prescient of revolutionizing the automobile parts industry in India using era,” stated Mr. Tapas Gupta, Founder, and CEO of Iridium Automobiles Private Limited.
Stadium Automobiles Private Limited owns and operates Spareshub.Com, a web market of motors components thru which everybody should buy and sell cars parts during India.
The Chennai Angels are one in all India’s most energetic angel investing corporations. Founded within the year 2007, it’s miles created from a hit marketers and commercial enterprise leaders with a music record of beginning and scaling big organizations. Additionally, numerous seed and undertaking capital companies preserve institutional club in the organization. Though it is located in Chennai, TCA’s investing members and portfolio investments are not constrained with the aid of geography. Unusually for an angel making an investment organization, TCA has a different portfolio that is going properly beyond a restrictive tech attention, reflecting the range of its members’ pastimes. TCA portfolio companies enjoy the collective knowledge and Rolodex of its members.