11 March 2019, India:
Automobile Parts Startup SparesHub has raised ₹3.5 crore from Indian Angel Network. The funding was led by Indian Angel members Neeraj Garg, Harsh Gandhi, and Ankur Agarwal. Existing investor Holomua Group Inc also participated in the investment round.
The startup will use the fresh capital for its geographical expansion and to strengthen its technology capabilities.
Padmaja Ruparel, President and Co-founder of Indian Angel Network, said, “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.”
Padmaja Ruparel, added, “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.”
Tapas Gupta, CEO of SparesHub, said, “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.”
Tapas Gupta, added, “We are truly grateful for the funding from Indian Angel Network and the faith they have shown in our business model, and we hope for a long and fruitful collaboration with the Network.”
SparesHub was founded by Tapas P. Gupta and Arijit A. Chakraborty. 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.
(Image – SparesHub)