Schaeffler India To Fully Acquire Auto Spare Parts Platform Koovers For Rs 142.4 Crore
Schaeffler India Ltd. on Monday said it will fully acquire KRSV Innovative Auto Solutions Pvt., an automotive aftermarket spare parts platform, for Rs 142.4 crore.
Schaeffler India Ltd. on Monday said it will fully acquire KRSV Innovative Auto Solutions Pvt., an automotive aftermarket spare parts platform, for Rs 142.4 crore.
Bengaluru-based KRSV Innovative Auto Solutions, which operates under the brand Koovers, offers spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform.
"This acquisition presents an ideal synergy for Schaeffler's future after sales activities in India. It will be a key enabler for the aftermarket ecosystem, including distribution partners and help to play an important role in the fast growing and evolving aftermarket digital landscape," Schaeffler India said in a statement.
Under the share purchase agreement, Schaeffler India will acquire 100% shares of KRSV Innovative Auto Solutions for a consideration of approximately Rs 142.4 crore, it added.
"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," the company said.
Schaeffler India Managing Director and CEO Harsha Kadam said, "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 CEO and Co-founder Sandeep Begur Sheshadri said, "Koovers will expand its market coverage and depth, as well as extend its product portfolio across the automotive aftermarket under the ownership of Schaeffler India."
Schaeffler's automotive aftermarket division supplies components and holistic repair solutions for the automobile spare parts business worldwide. It supports garages in complex repairs and at the same time contributes to extending the operating life of vehicles.
On the other hand, founded in 2015, Koovers has established a B-to-B e-commerce platform offering spare parts solutions to aftermarket workshops in India. It had clocked revenue of Rs 77.7 crore in 2022-23 and supplies to over 7,000-plus workshops and has a portfolio of around 1.8 million parts from various manufacturers.
After the acquisition, the platform will continue to operate under the Koovers brand name, Schaeffler India said.