Schaeffler India acquires Koovers
In accordance with the share purchase agreement, Schaeffler India Limited will pay approximately INR 1,424 million for all of the shares of KRSV Innovative Auto Solutions Private Limited. The deal would close in the third quarter of CY 2023.
Pune- Schaeffler India Limited., today announced that the Board of Directors has approved the acquisition of 100 percent of the shares of KRSV Innovative Auto Solutions Private Limited (“Koovers”), a Bengaluru-based private limited company offering spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform. Enabling Schaffler for the aftermarket ecosystem, including distribution partners and help to play an important role in the fast growing and evolving aftermarket digital landscape.
The Automotive Aftermarket division of Schaeffler provides parts and comprehensive repair solutions for the global vehicle spare parts market.
Koovers, a company founded in 2015 with revenues of INR 777 million in the financial year 2022–23, has built a B–to–B e–commerce platform that provides spare parts solutions to aftermarket workshops in India. Koovers offers a portfolio of about 1.8 million parts from various manufacturers and provides more than 7,000 workshops. The Koovers brand name will still be used to operate the platform.
Mr. Harsha Kadam, Managing Director and Chief Executive Officer at Schaeffler India said, “We are happy to announce the acquisition of Koovers, a milestone moment for Schaeffler in India. This will be a strategic step to maximize 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.“
In accordance with the share purchase agreement, Schaeffler India Limited will pay approximately INR 1,424 million for all of the shares of KRSV Innovative Auto Solutions Private Limited. The deal would close in the third quarter of CY 2023, excluding any unusual closing requirements. Own cash flow will cover the entire cost of this acquisition.
Mr. Debasish Satpathy, President Automotive Aftermarket Schaeffler India said, “This acquisition is in line with Schaeffler India’s strategic initiatives for growth and provides a compelling synergy potential. With its digital offering, the Koovers B-to-B e-commerce platform enables workshops to easily order spare parts solutions. We welcome the Koovers team to the Schaeffler Group.“
Mr. 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. We are delighted to be an integral part of Schaeffler India and are committed to create value for all stakeholders.“
