Canbank VC, HNIs invest $1 million in B2B auto supplies platform Koovers
Rajeev Sanghvi of PPS Group and Naveen Philip of Kuttukaran Homes are the two HNI investors who have Co-invested with Canbank VC. The company’s existing investors include IPV and JPIN.
Founded by Sandeep Begur, Vinayak and Prem Kumar, Koovers is operated by the Bengaluru-headquartered KRSV Innovative Auto Solutions Pvt Ltd. It has a network of 10,000 workshops.
The company said its network has doubled since it last raised $1.5 million from a group of investors in October 2021.
“There are billion-dollar listed corporations in the US and China, whereas the B2B automotive aftermarket in India is at a nascent stage. Koovers has the early mover advantage with a blueprint to quickly garner market share”, one of the investors said.
Koovers plans to use the funds to improve its technology, expand its product portfolio and enter the premium vehicle after-market space. It operates in Andhra Pradesh, Telengana, Kerala, Karnataka and Delhi.