B2B automotive e-commerce platform Koovers exited from Venture Catalysts’ portfolio
Koovers, a B2B e-commerce platform for auto parts, has been fully exited from Venture Catalysts’ portfolio, generating 2.1x returns in just 1.5 years.
Following Koovers’ acquisition by Schaeffler India Limited for Rs 142.4 crore in August, Venture Catalysts (Vcats) withdrew its investment in the company. The Schaeffler Group, a leading manufacturer of automotive and industrial parts in Germany, is a publicly traded subsidiary of Schaeffler.
Early in 2022, Venture Catalysts made a pre-Series A investment in Koovers through its Angel Fund, as well as a few other Angels and Family Offices making direct investments in the business. The company claims that with the acquisition, all investors have obtained an exit. Koovers also has investors like Inflection Point Ventures, Canbank Venture Fund, and JPIN.
In 2015, Vinayak YB, Sandeep Begur, and S Prem Kumar founded Koovers, a company that specializes in ordering and doorstep delivery of genuine spare parts to independent auto workshops and the aftermarket ecosystem. According to the company, it generated Rs 77 crore in revenue in FY23, supplies more than 7,000 workshops, and has a portfolio of roughly 1.8 million parts from different manufacturers.
Since its founding, Venture Catalysts, which typically invests $250,000 to $2 million in early-stage startups, has backed over 300 businesses. The company recently partially exited Cusmat, a startup in its portfolio, with over 4.2 x returns in less than three years. Some of the notable exits from the company include Beardo and PrimeOs.
