Autopair, an online automotive parts trading company in Thailand, has raised an undisclosed amount in a pre-Series A financing round.
Summit Auto Body Industry, one of Thailand’s largest suppliers of automotive parts, led the round.
Prior to this, Autopair has raised US$500,000 in seed funding from KK Fund in 2018.
Autopair said in a statement that it will use the fresh capital to help approximately 1,000 independent automotive workshops digitise their work processes through its newly launched digital business management platform.
Additionally, it has also announced plans to expand into markets like Indonesia and Malaysia.
Despite the slump in domestic car sales due to the COVID-19 pandemic, the impact on the industry has been offset by the corresponding increase in demand for car maintenance.
However, Autopair believes that independent automotive workshops have not fully capitalised on these opportunities due to high fragmentation and a reliance on traditional, inefficient operational processes.
Founded in 2018, Autopair’s goal is to transform the automotive aftermarket industry via its online automotive parts trading platform.
Its SaaS offerings are ‘Smart Procurement’ and ‘Smart Workshop’ are its core features. Smart Procurement provides a virtual inventory of parts, wholesale discounts, as well as a 90-minute contactless delivery of service parts at competitive prices.
The second product streamlines business solutions for calendar scheduling, tracking, managing labour efficiencies as well as inventory management and customer relationship management (CRM) tools for estimates and invoices.
The company has over 50,000 virtual stock-keeping units and its solutions are available in 29 provinces in the region.
In the past three years, Autopair claims to have recorded a compound annual growth rate (CAGR) of over 385 per cent.
Some of its clients are industry leaders including Bridgestone Corporation, Toyo Tires, Nitto Automotive, and Nankang Tires.
“I believe that with an uncertain future in uncertain times, the best strategy is to be part of the disruptive wave instead of standing against it,” said Kornkrit Jurangkool, President of Summit Auto Body Industry.
“Autopair has demonstrated its success in digitising the automotive aftermarket industry to date, and given our connections throughout the industry and ecosystem, we believe we can help drive Autopair’s business forward,” he added.
Image Credit: Autopair
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