Rartogo, a platform for sourcing and exports of auto aftermarket parts, has raised $4 million in its maiden funding round, according to two sources aware of the deal.
“Sequoia and some angel investors have put in $4 million in Rartogo,” said one of the investors on the condition of anonymity. “The firm may not announce the round as it plans to grow in stealth mode.”
The Gurugram-based company has mentioned about Sequoia’s funding on its website. However, it did not disclose anything further. Rartogo is a B2B platform for sourcing and exports of auto component aftermarket parts. The company deals in automotive, special and branded products, retail, industrial products, and exports.
For buyers, it offers end to end services, including discovery, order booking, payments, logistics, customs as well as reconciliation while it eases the process of cross border customs and documentation for suppliers.
Currently, it works with Audi, Skoda, Bosch, and BMW, among others.
“Rartogo is expanding its team and hiring for key positions. A couple of hiring posts can be seen on LinkedIn,” said another source. Abhishek Bansal and Sanchit Garg are the co-founders of the company. While Bansal was formerly with OYO as senior vice president and chief revenue officer for India and SEA, Garg was senior vice president at sports media platform One Championship after serving three years in Lazada Group.
Entrackr couldn’t ascertain the name of angel investors participating in the round. Queries sent to Rartogo and Sequoia did not elicit an immediate response. We’ll update the post in case they do.
The space has been dominated by established players in the market including SMEs and MSMEs. B2B e-commerce platform Moglix and Gurguram-based Boodmo are also working in this segment.
As per reports, there are over 20,000 auto parts companies in India and the top ten companies account for only 6% of the total market share. According to an Industry report, the total auto parts aftermarket revenue is expected to grow 12% CAGR and by 2024-25 it will reach around $17-18 billion.
Source @Entrackr
