The Chennai Angels have announced to make an investment of ₹40 lakhs in Iradium Automobiles Private Limited. The investment is a part of the total investment round of ₹2 crores, existing investors like, Anthill Scale Ventures, Esvee Technologies Inc., Inc95 Consulting and other high net worth individuals also took active participation. Iradium Automobiles Private Limited monitors SparesHub.com, and automobiles parts marketplace catering to the requirements of car parts of independent multi-brand workshops and car owners across the country. The startup is situated in Pune and has a total strength of 27 employees.
Mr. Mahalingam, one of the investors from The Chennai Angels mentioned that “Spareshub in a venture which is the process of transforming the way genuine automotive spares are distributed, by using technology. Creating an online platform showcasing spares from leading Automobile Manufactures, Spareshub is also enhancing the reach of genuine spares to the underserved, remote parts of the country. Given the fast-growing automobile industry and aftermarket, Spareshub is uniquely positioned to tap the consequent emerging opportunities in the sector”
Mr. Tapas Gupta, Founder and CEO of Iradium Automobiles Private Limited stated that “We are very excited about the next phase of growth at SparesHub with this investment round. The Indian auto parts industry has started to adopt e-commerce and other modern retail methodologies. SparesHub is at the forefront of these evolutions and on track with its vision of revolutionizing the auto parts industry in India using technology,”
Moreover, the automobile parts replacement market is estimated to be valued at ₹51000 Crore ($8 billion) growing at an estimated 12%-14% in the coming years.