Domestic start-up Boodmo, a market place for genuine and aftermarket auto spare parts, which started operation in FY2016-17, has announced that it has raised its share capital with an investment of Rs 5 crore FDI from an undisclosed investor.
The company till now has raised Rs 20 crores in FDI, commenting on the fresh investments, Yevgen Sokolnikov, co-founder and CEO, Boodmo, said, “We are continuously upgrading our services to make space for online sales in the Indian auto components industry. In just eighteen months of sales operations, we have made a tremendous progress, with volumes of fresh orders increasing continuously. With these fresh funds, we plan to strengthen the existing operations, along with the realisation of our expansion plans.”
“We already have a sorting hub in Delhi and will soon be launching the second bigger sorting hub in Jaipur. We are also actively looking for an appropriate space for a sorting hub in Maharashtra as we have an extensive customer base in the state. Going forward, we will expand these facilities in more Tier 1 and Tier 2 cities across India,” added Sokolnikov.
The company claims it is expanding its sorting hubs nationally to increase the delivery speed by checking and packing goods closer to vendors and customers. It states in a short span of time, it has collated a massive e-repository of genuine OEM and aftermarket car spare parts, offering over 1 million varieties of spares through over 400 suppliers of over 3,000 Indian as well as international brands.