WionDrive News Desk 
Pune: Schaeffler India, a leading supplier of components and repair solutions for the automotive spare parts industry, has announced its acquisition of KRSV Innovative Auto Solutions Private Limited (Koovers), a Bengaluru-based company specializing in spare parts solutions for Indian aftermarket workshops through a B-to-B e-commerce platform.
Strategic Synergy for Aftersales Activities
The Schaeffler India Board of Directors has approved the acquisition of 100% shares of Koovers, representing an ideal synergy for Schaeffler’s future aftersales endeavors in India. The acquisition is expected to play a pivotal role in the rapidly growing digital aftermarket landscape and contribute to the overall aftermarket ecosystem, including distribution partners.
Enhancing Aftersales Ecosystem
Schaeffler’s Automotive Aftermarket division is dedicated to providing comprehensive repair solutions and components for the global automobile spare parts business. The division focuses on supporting garages with system-level understanding, extensive services, and innovative repair solutions. This approach not only assists in complex repairs but also extends the operational life of vehicles.
Koovers’ B-to-B E-commerce Platform
Founded in 2015, Koovers has established itself as a significant player in the Indian B-to-B e-commerce market. The company offers a B-to-B e-commerce platform that provides spare parts solutions to aftermarket workshops across India. With a revenue of INR 77.7 crore in the financial year 2022-23, Koovers boasts a compelling growth trajectory. The platform serves over 7,000 workshops and offers a diverse portfolio of around 1.8 million parts from various manufacturers. Despite the acquisition, the platform will continue to operate under the Koovers brand name.
Strengthening Value Creation
Harsha Kadam, Managing Director and Chief Executive Officer of Schaeffler India, expressed his satisfaction with the acquisition, highlighting the strategic importance it holds for the company’s value creation and repair solutions. He emphasized Schaeffler Automotive Aftermarket’s goal of simplifying workshop operations while establishing strong consumer connections.
Transaction Details
Under the share purchase agreement, Schaeffler India Limited will acquire all 100% shares of KRSV Innovative Auto Solutions Private Limited for approximately INR 142.4 crore. The transaction is expected to be concluded in the third quarter of CY 2023, subject to customary closing conditions. Schaeffler India will fund this acquisition through its own cash generation.
Synergy Potential and Future Prospects
Debasish Satpathy, President of Automotive Aftermarket at Schaeffler India, lauded the acquisition as an alignment with the company’s growth strategy and highlighted the synergy potential it brings. The Koovers B-to-B e-commerce platform’s digital offering simplifies the ordering process for workshops seeking spare parts solutions.
Commitment to Value Creation
Sandeep Begur Sheshadri, CEO and Co-founder of Koovers, expressed enthusiasm about becoming part of Schaeffler India. He emphasized the company’s commitment to expanding market coverage, extending product portfolios, and creating value for all stakeholders in the automotive aftermarket.
With this acquisition, Schaeffler India aims to strengthen its position in the aftermarket industry and offer enhanced solutions to workshops and customers in India’s dynamic automotive market.
