Schaeffler India, the industrial and automotive parts maker, has approved the acquisition of Bengaluru-based automotive aftersales B2B e-commerce platform Koovers for Rs 142.4 crore.
This will be done via a share purchase agreement and the transaction will be completed in the third quarter of CY 2023.
Koovers reported revenues of Rs 777 million in FY 2022-23, and supplies to over 7,000 plus workshops and has a portfolio of around 1.8 million parts from various manufacturers.
The platform will continue to operate under Koovers brand name.
"This will be a strategic step to maximise value creation through our repair solutions for all customers. Schaeffler Automotive Aftermarket’s ambition has always been to simplify workshop operations with plug and play products and solutions, while building consumer connect. Koovers strongly supports this ambition with its innovative digital offering,” said Harsha Kadam, Managing Director and Chief Executive Officer, Schaeffler India.
Sandeep Begur Sheshadri, Chief Executive Officer and Co-founder at Koovers said: “Koovers will expand its market coverage and depth, as well as
extend product portfolio across the automotive aftermarket under the ownership of
Schaeffler India."