Piggybank: SparesHub.com raises Rs 3 crore from M&S Partners, Hyderabad Angels

HYDERABAD: SparesHub.com, an online seller of car spares, has raised about Rs 3 crore from Singapore-based M&S Partners and Hyderabad Angels.

The Pune-based company retails components of more than 50 cars brands including Skoda, VolksWagen, BMW and Audi. It plans to use the money to strengthen its technology and supply chain. "More than half of our business comes from B2B (business-to-business) sales to medium and large garages which have four to eight car bays," said Tapas Gupta, founder and chief executive. "When a highend car goes out of warranty period the cost difference for sourcing spares from us for repair and replacement comes up to 40 per cent cheaper than going to an authorised service centre."

A majority of the SparesHub's clients are in western and southern India, the company said.

Prasad Vanga and PS Sreekanth of Hyderabad Angels will join SparesHub' board following the investment.