SparesHub, EroNkan secure fresh capital; Reliance looks to snap up Fynd
Automobile parts marketplace SparesHub, run by Iradium Automobiles Pvt. Ltd, has raised Rs 3.5 crore ($500,710 at current exchange rates) from the Indian Angel Network (IAN).
The round was led by IAN members Neeraj Garg, Harsh Gandhi and Ankur Agarwal. Existing investor Holomua Group Inc also participated in the round, SparesHub said in a statement.
The company said it will use the funds for geographical expansion and to strengthen its technology capabilities.
SparesHub works with car companies and component manufacturers to make auto parts available to its customers. Its customers are multi-brand service centres, service aggregators, fleet owners and insurance companies.
“The company has the makings of a modern tech-based venture, with a unique business model, a strong technological framework, a product that fills a major gap in the market, and of course, a strong team,” said Padmaja Ruparel, president and co-founder of IAN.
The company was founded by Tapas Gupta and Arijit Chakraborty in December 2013. In June 2017, the company had raised Rs 2 crore from a clutch of investors including The Chennai Angels, Singapore-based Anthill Scale Ventures, US-based Esvee Technologies Inc. and Inc95 Consulting.
SparesHub had raised pre-Series A funding in 2015 from Hyderabad Angels and Singapore-based M&S Partners.
“SparesHub is challenging the traditional methodologies and bringing in global best practices in the automobile parts supply chain and logistics domain,” Gupta said.
EroNkan gets Series A cheque
EroNkan Technologies Pvt. Ltd, an Ahmedabad-based startup that provides an Internet of Things-based (IoT) technology platform to enterprises across industries, has raised an undisclosed amount of Series A investment from venture capital firm GVFL Ltd.
It will use the fresh funds to enhance its technology platform and to scale operations, a company statement said.
The platform provides tools, technology, consulting services and insights into industrial processes, machine performance and shop-floor dynamics to help enterprises take timely decisions at both ground level and senior management to improve productivity, quality and availability across the organisation. Its solutions are offered to diverse industry sectors like food and beverages, pharmaceuticals and manufacturing.
The platform helps manufacturers track their operational equipment efficiencies in real time. It also helps them improve quality and productivity, and reduce wastage, the company claims.
EroNkan was founded by Ketan Parekh, Vish Desai and Rajan Vasa in 2014.
“Having GVFL by our side, we will be able to grow faster in India and also start planning its foray in the international market. The infusion of funds from GVFL will help EroNkan conduct the research and trials required to develop the engine to amplify our product upgradation & business development efforts,” the founders said.
Reliance eyes Google-backed Fynd
Reliance Industries Ltd (RIL) is reportedly in talks to acquire online fashion marketplace Fynd, as the Mukesh Ambani-led conglomerate lays the ground for a major push into e-commerce.
Citing people it did not name, news portal Entrackr reported that discussions between the two parties have been underway for the past 45 days and are now at an advanced stage.
It added that Reliance is likely to purchase at least 70% stake in Fynd, which last raised funding in March 2018 in a Series C round led by technology giant Google.
However, Fynd co-founder Harsh Shah denied the development. “This is pure speculation. The reality is that Fynd is not looking to get acquired by anyone. While there has been interest from both financial and strategic investors, conversations are on purely for investment purposes and not for acquisition,” Shah said in an email response to TechCircle.
The Mumbai-based company sources products directly from nearby outlets across various categories including clothing, footwear, jewellery and accessories, and brings them online.
Owned and operated by Shopsense Retail Technologies Pvt. Ltd, Fynd claims to have more than 9,000 outlets registered on its platform. It allows customers to discover fashion in real-time and find out the exact specifications of the products available.
Apart from Google, Fynd’s other investors include Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalysts, the Patni family office and Hong Kong-based Axis Capital.
Reports of the potential acquisition come in the backdrop of Reliance’s widely anticipated foray into full-fledged e-commerce. According to several media reports, RIL is set to launch a hybrid commerce platform led by units Reliance Retail and Reliance Jio Infocomm.
The energy-to-telecom conglomerate has announced agreements to snap up five technology-based startups over the past month alone. Last week itself, it announced the acquisition of hyperlocal delivery platform Grab and software solutions firm C-Square.
A unit of RIL will make an initial equity investment of up to Rs 106 crore into Grab a Grub Services Pvt. Ltd, which operates Grab. It will also invest an additional Rs 40 crore in Grab by March 2021.
The company will invest Rs 82.04 crore for a majority stake in C-Square. It will initially put in Rs 22.04 crore, followed by Rs 60 crore, which it expects to complete by 2021.
With a proposed cumulative investment of Rs 287 crore, the acquisition of local language technology startup Reverie marks the biggest of the five buyouts in terms of deal value.
Reliance had also announced agreements to acquire Indian government schemes aggregator EasyGov and software simulation services startup SankhyaSutra Labs.