Schaeffler India will buy out KRSV Innovative Auto Solutions for INR 142.4 crore.
The Bengaluru-based company offers spare parts solutions to aftermarket workshops via Koovers, its B-to-B e-commerce platform.
Koovers supplies to over 7,000 plus workshops and has a portfolio of around 1.8 million parts from various manufacturers. The platform will continue to operate under the Koovers brand name.
Harsha Kadam, Managing Director and Chief Executive Officer at Schaeffler India, said, “Schaeffler Automotive Aftermarket’s ambition has always been to simplify workshop operations with plug and play products and solutions, while building consumer connect. Koovers strongly supports this ambition with its innovative digital offering.”
Debasish Satpathy, President Automotive Aftermarket Schaeffler India, added that this acquisition was in line with the company's strategic initiatives for growth and provided a compelling synergy potential.
Sandeep Begur Sheshadri, Chief Executive Officer and Co-founder, Koovers, said it would expand its market coverage and depth, as well as extend product portfolio across the automotive aftermarket under the ownership of Schaeffler India.
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