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Schaeffler India to fully acquire Koovers for Rs 1.42 B

2023-08-31

Schaeffler India Ltd announced on Monday its complete acquisition of KRSV Innovative Auto Solutions Pvt Ltd, operating under the brand Koovers, for Rs 1.42 billion . Koovers, based in Bengaluru, serves Indian aftermarket workshops with spare parts solutions through a B-to-B e-commerce platform.

Schaeffler India expressed that this acquisition aligns perfectly with their future after-sales endeavors in India. It's seen as a crucial component of the growing aftermarket digital landscape and will benefit distribution partners.

According to the share purchase agreement, Schaeffler India will purchase 100% of KRSV Innovative Auto Solutions for approximately Rs 1.424 billion. The transaction is expected to be completed in the third quarter of CY 2023, pending customary closing conditions, and will be financed through internal cash generation.

Harsha Kadam, Managing Director and CEO of Schaeffler India, emphasised that this strategic move aims to maximise value creation for their repair solutions and simplify workshop operations.

Koovers' CEO and Co-founder, Sandeep Begur Sheshadri, noted that under Schaeffler India's ownership, Koovers will expand its market reach, enhance its product portfolio, and continue serving the automotive aftermarket.

Schaeffler's automotive aftermarket division is a global supplier of components and comprehensive repair solutions for the spare parts industry, supporting garages in complex repairs while extending vehicle lifespans.

Founded in 2015, Koovers has established itself as a B-to-B e-commerce platform, providing spare parts solutions to over 7,000 workshops in India. In the fiscal year 2022-23, it achieved a revenue of Rs 777 million and offers a portfolio of approximately 1.8 million parts from various manufacturers.

Following the acquisition, the platform will retain its brand name, Koovers, under Schaeffler India's ownership.