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Gurugram-based online marketplace boodmo.com has raised ₹8 crore in fresh capital from an undisclosed investor. With this funding, the auto spare parts company has so far raised ₹35 crore through foreign direct investment (FDI).
In 2017, boodmo had raised ₹10 crore in its first investment round, followed by an additional ₹5 crore the same year. The company raised ₹5 crore in July 2018 and ₹7 crore in December 2018.
“With the Indian auto components industry poised to become the third-largest in the world by 2025, we are looking to strengthen our position in the Indian online market by launching new sorting hubs, boosting technology infrastructure and hiring skilled manpower. This new funding will help us expand our presence in the country and smoothen our operations, which would in turn help us make swift product delivery to the customers,” said Oleksandr Danylenko, Managing Director and co-founder at boodmo.com.
“We already have sorting hubs in Delhi and Jaipur. This additional funding will help us streamline the operations for our new sorting hub that will be opened in Bengaluru in the next two weeks. We also plan to open a sorting hub in Maharashtra in the last quarter of 2019,” he added.
A unit of Smart Parts Online, boodmo.com so far has served 40,000 customers.
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