India’s fastest growing online auto spare parts marketplace, boodmo.com raises Rs 10 crore in fresh funding.
This latest funding has increased the organization’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.
Talking about the freshly raised capital, Oleksandr Danylenko, Managing Director & Co-Founder, boodmo.com, 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.”
Continuing its expansion trajectory, boodmo has recently opened a sorting hub in Bengaluru, which is spread over an area of 15,000 sq ft. 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 sq ft area. This move is in line with the organization’s plans to decentralise the product quality test process and checking the inflow of products at its sorting facilities.
Danylenko, added, “Our robust growth is a testament to our commitment towards our customers. We are dedicated towards standardizing the highly disorganized 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.”
Launched in 2015 by two Ukrainian entrepreneurs – Yevgen Sokolnikov and Oleksandr Danylenko – boodmo was recently awarded by Frost and Sullivan as the ‘Entrepreneurial Company of Year 2019’ in the Indian Auto Component Online Retail category. The enterprise aims to lead the innovation in the online auto component industry by organizing the market and making it more dynamic and transparent for all the stakeholders. With 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, the organization has a massive e-repository of genuine OEM and aftermarket spare parts.
Currently, the website 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% 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.
