The latest round of funding now puts Boodmo's share capital at Rs 45 crore.
14 Oct 2019 | 23140 Views | By Autocar Professional Bureau
Online auto spare parts marketplace Boodmo has announced that it has raised Rs 10 crore in fresh funding from existing undisclosed investor. The latest funding has raised the organisation's share capital from Rs 35 crore to Rs 45 crore. Earlier this year in May, Boodmo had raised Rs 8 crore ...
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Online auto spare parts marketplace Boodmo has announced that it has raised Rs 10 crore in fresh funding from existing undisclosed investor. The latest funding has raised the organisation's share capital from Rs 35 crore to Rs 45 crore. Earlier this year in May, Boodmo had raised Rs 8 crore from an undisclosed investor.
Commenting on the freshly raised capital, Oleksandr Danylenko, MD and co-founder, Boodmo said, “These funds will be used to accelerate our growth and help us launch our operations in Maharashtra with a sorting hub in Mumbai. Moreover, we are going to introduce a special software for our warehouses to expedite our operations and delivery process. This software will enable us to avail direct product movement from acceptance area to packaging tables, thereby avoiding stock allocation whenever possible.”
The company says continuing its expansion trajectory it recently opened a sorting hub in Bangalore, which is spread over an area of 15,000 sqft. Owing to a surge in the number of orders, the company has also moved its Delhi-NCR hub to a bigger location in Mundka spread over 9,000 sqft. This move is in line with the organisation’s plans to decentralise the product quality test process and checking the inflow of products at its sorting facilities.
“Our robust growth is a testament to our commitment towards our customers. We are dedicated towards standardising the highly disorganised online auto spare parts market in India. It is with this goal in mind that we are now also looking to enter the B2B space with a focus on garages. By integrating the B2B model with our existing B2C model, we will be able to create a platform that will cater to the needs for our customers more effectively and swiftly,” added Danylenko.
At present, Boodmo has over 1 million varieties of spare parts by 400 suppliers of over 3,000 Indian as well as international brands available on its e-store. A unit of Smart Parts Online, Boodmo says it has introduced a first-of-its-kind ‘Spare Parts Catalogue’ on its website, which is a vast database with a comprehensive list of spare parts that enables buyers as well as sellers to identify the exact parts and their corresponding part number by surfing through the vehicle’s manufacturer, make and year of manufacturing. This helps them in short listing the exact product that would fit their vehicle. Developed and maintained by Boodmo, this database has been made available to other online spare part marketplaces as well for everyone to use and benefit.
Currently, Boodmo is receiving around 800 orders every day with 10 lakh unique portal visitors per month. So far, it has served 70,000 customers and more than 40 percent of them returned for second purchase. The enterprise is actively looking to set up more Sorting Hubs in Tier 1 and Tier 2 cities in order to become the number one online destination for auto spare parts in India.