Schaeffler India 100% Acquires E-commerce Platform Koovers At Rs. 1,424 Million

Schaeffler India's Board of Directors has approved the acquisition of 100 per cent of the shares of KRSV Innovative Auto Solutions (in the following “Koovers”), a Bengaluru-based private limited company offering automotive 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 aftersales 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’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.

Founded in 2015, Koovers has established a B-to-B e-commerce platform offering spare parts solutions to aftermarket workshops in India. With revenues of Rs. 777 million in the financial year 2022-23, 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 Koovers brand name.

“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 strongly supports this ambition with its innovative digital offering,” said Harsha Kadam, Managing Director and Chief Executive Officer at Schaeffler India. 

Under the share purchase agreement, Schaeffler India will acquire 100 per cent shares of KRSV Innovative Auto Solutions for a consideration of approximately INR 1,424 million. The transaction would be completed in third quarter of CY 2023, subject to customary closing conditions. This acquisition will be fully funded by own cash generation.

“With its digital offering, the Koovers B-to-B e-commerce platform enables workshops to easily order spare parts solutions,“ commented Debasish Satpathy, President of Automotive Aftermarket at Schaeffler India.

Sandeep Begur Sheshadri, Chief Executive Officer and Co-founder at Koovers, said “Since our foundation eight years ago, we have scaled our business through innovative solutions and offerings. Koovers will expand its market coverage and depth, as well as extend product portfolio across the automotive aftermarket under the ownership of Schaeffler India.”