Indian Angel Network, Asia’s largest network of angel investors, has invested Rs. 3.5 crore in Pune-based start-up SparesHub, an automobile parts start-up. The firm will be going to utilise the funds for its geographical expansion and to strengthen its latest technology capabilities. The funding round was led by some of the Indian Angel members.
The startup which is founded by Tapas P. Gupta and Arijit A. Chakraborty, the SparesHub team currently comprises 27 employees. 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.
SparesHub works with some of India’s largest and leading car companies and part manufacturers to make OEM and OES parts which are available to its customers. Some of the existing investors which include the Holomua Group Inc also participated in the investment funding round.