Schaeffler India Acquires B2b Auto Spares Platform
This acquisition presents an ideal synergy for Schaeffler’s future aftersales activities in India. It will be a key enabler for the after-market ecosystem, including distribution partners, and help to play an important role in the fast-growing and evolving after market digital landscape, the company said.
Schaeffler India Board of Directors has approved the acquisition of 100% shares of KRSV Innovative Auto Solutions Private Limited (Koovers), a Bengaluru-based private limited company offering spare parts solutions to Indian after market workshops via a B2B e-commerce platform.
This acquisition presents an ideal synergy for Schaeffler’s future aftersales activities in India. It will be a key enabler for the after-market ecosystem, including distribution partners and help to play an important role in the fast-growing and evolving after market digital landscape, the company said. Schaeffler’s Automotive Aftermarket division supplies components and holistic repair solutions for the automobile spare parts business worldwide and sees itself as an enabler of garages. With an overarching understanding of systems and comprehensive services, Schaeffler supports garages in complex repairs and at the same time contributes to extending the operating life of vehicles, the company said in a media release.
Founded in 2015, Koovers has established a B2B e-commerce platform offering spare parts solutions to after market workshops in India. With revenues of INR 77.7 crore in the financial year 2022-23, the company has a compelling growth story and is one of the fast-growing players in the Indian B2B e-commerce market. Koovers supplies to over 7000 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.
“We are happy to announce the acquisition of Koovers, a milestone moment for Schaeffler in India. This will be a strategic step to maximize value creation through our repair solutions for all customers. Schaeffler Automotive After market’s ambition has always been to simplify workshop operations with plug and play products and solutions, while building consumer connect. Koovers strong- ly supports this ambition with its innovative digital offering”, Harsha Kadam, Managing Director and Chief Executive Officer, Schaeffler India said.
Under the share purchase agreement, Schaeffler India Limited will acquire 100% shares of KRSV Innovative Auto Solutions Private Limited for a consideration of approximately INR 142.4 crore. The transaction would be completed in the third quarter of CY 2023, subject to customary closing conditions. This acquisition will be fully funded by own cash generation.
