Venture Catalysts Achieves 2.1X Return In 1.5 Years, Announces Exit From Koovers

Updated on: 11 September 2023 10:08 pm

Venture Catalysts had first invested in Cusmat’s seed round in 2020 and took an exit in just three years with 60 per cent XIRR

Venture Catalysts Makes Partial Exit In Cusmat with over 4.2x Returns Photo: Venture Catalysts had first invested in Cusmat’s seed round in 2020 and took an exit in just three years with 60 per cent XIRR

The early-stage investment firm, Venture Capital has announced full exit from its portfolio Koovers, a leading B2B e-commerce platform for auto spare parts, with handsome 2.1x returns in just 1.5 years.

Venture Catalysts (Vcats) exited its investment in Koovers after the latter’s acquisition by Schaeffler India Ltd, an industrial and automotive parts maker and listed subsidiary of German automotive major Schaeffler Group, in August 2023. Schaeffler acquired Koovers for Rs 142.4 crore.

Venture Catalysts invested in Koovers in early 2022 in its pre-series A round through its Angel Fund and a few other Angels and family offices directly investing in the company. All the investors have got an exit with the acquisition. Inflection Point Ventures, Venture Fund, and JPIN are some of the other investors in Koovers.

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“Koovers is one of the rarest start-ups that is not only solving a major problem in the automotive aftermarket segment but has also been posting impressive revenues year after year. We invested in the company for the long term, but the acquisition was a great exit opportunity with over 2.1x returns in just 1.5 years in a market that’s facing a longish funding winter and a liquidity crunch. These opportunities to the investors create a huge positive impact on the entire ecosystem,” said Dr. Apoorva Ranjan Sharma, founder and managing director of Venture Catalysts ++.

Founded in 2015 by Vinayak YB, Sandeep Begur, and S Prem Kumar, Koovers is a B2B e-commerce platform that supplies auto spare parts to independent auto workshops (IWS) and the aftermarket ecosystem. It has clocked a revenue of Rs 77 crore in 2022-23 supplies over 7,000-plus workshops and has a portfolio of around 1.8 million parts from various manufacturers.