26/06/2017
PUNE: Iradium
Automobiles Pvt Ltd which runs automobile parts market place SparesHub.Com has received an investment
of Rs 40 lakh from The Chennai Angels.
The fresh fund investment was part of the total investment of
Rs two crore received from Singapore-based Anthill Scale Ventures, Esvee
Technologies, Inc95 Consulting and from high networking individuals, a company
statement said.
The Pune-based start-up has team size of 27 employees and
serves car parts to multi-brand workshops and vehicle owners. This is the
second investment round that the start-up has after first investment round was
raised in October 2015.
"The funds would be used to grow the current customer
base of SparesHub; enter new geographical areas and strengthen the technology
platform", the statement said. "Given the fast growing
automobile industry and aftermarket, Spareshub is uniquely positioned to tap
the consequent emerging opportunities in the sector", Mahalingam, one of
the investors in The Chennai Angels, said.
About 23 million cars are present in India and the automobile
parts replacement market is estimated at USD eight billion growing at 12-14 per
cent Year on Year.
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