The Chennai Angels invests in Pune-based startup

By PTI Published on Jun 27, 2017 01:08 PM IST

Chennai: 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 2 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 startup 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.