Venture Catalysts, an early-stage investment firm, has made a full exit from its portfolio company, Koovers, a B2B ecommerce platform for auto spare parts, with 2.1x returns in 1.5 year.
Venture Catalysts (Vcats) exited its investment in Koovers post the latter’s acquisition by Schaeffler India, an industrial and automotive parts maker and listed subsidiary of German automotive major Schaeffler Group, for Rs 142.4 crore.
Venture Catalysts had invested in Koovers in early 2022 in its pre-series A round through its Angel Fund and few other Angels and Family Offices directly investing in the company. All the investors have got an exit with the acquisition. Inflection Point Ventures, Canbank Venture Fund and JPIN some of the othermarquee investors in Koovers.
“Koovers is one of the rarest startup that is not only solving a major problem in the automotive aftermarket segment but alsobeen posting impressive revenues year after year. We invested in the company for a long term but the acquisition was a great exit opportunity with over 2.1x returns in just 1.5 years in a market that’s facing a longish funding winter and a liquidity crunch. These opportunities to the investors creates a huge positive impact in the entire ecosystem,” said Apoorva Ranjan Sharma, Founder and Managing Director of Venture Catalysts.
Founded in 2015 by Vinayak YB, Sandeep Begur, and S Prem Kumar, Koovers is a B2B ecommerce platform that supplies auto spare parts to independent auto workshops (IWS) and the aftermarket ecosystem. It has clocked a revenue of Rs 77 crore in FY23 (fiscal year 2023) and supplies to over 7,000 workshops and has a portfolio of around 1.8 million parts from various manufacturers.
“We are quite excited to have had investors like Venture Catalysts on our captable. With their guidance under the leadership of Apoorva Ranjan Sharma, we we were able to achieve our growth metric goals thus creating immense value for all our investors,” said Sandeep Begur, Co-founder, Koovers.
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