Schaeffler India to acquire Koovers for Rs 142.4 cr

New Delhi: Schaeffler India Ltd on Monday said it will fully acquire KRSV Innovative Auto Solutions Pvt Ltd, an automotive aftermarket spare parts platform, for Rs 142.4 crore.

Bengaluru-based KRSV Innovative Auto Solutions, which operates under the brand Koovers, offers spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform. “This acquisition presents an ideal synergy for Schaeffler’s future after sales activities in India. It will be a key enabler for the aftermarket ecosystem, including distribution partners and help to play an important role in the fast growing and evolving aftermarket digital landscape,” Schaeffler India said in a statement. Under the share purchase agreement, Schaeffler India will acquire 100 per cent shares of KRSV Innovative Auto Solutions for a consideration of approximately Rs 142.4 crore, it added. “The transaction would be completed in the third quarter of CY 2023, subject to customary closing conditions. This acquisition will be fully funded by own cash generation,” the company said.