Gurgaon-based B2B marketplace Amicco has secured $1 million in seed funding, led by Eximius Ventures, to streamline spare parts procurement for independent garages across India. Founded in 2024 by Vivek Aalok, a former JP Morgan and Spinny executive, Amicco aims to solve long-standing inefficiencies in the automotive aftermarket through technology.
Key Details
- Funding round led by Eximius Ventures, with participation from FJ Labs and other investors.
- Funds will be used to:
- Scale operations in Gurgaon and other cities.
- Enhance its procurement technology platform.
- Strengthen go-to-market strategies and build its core team.
- Amicco’s platform simplifies spare parts sourcing, tackling:
- Fragmented supply chains.
- Inconsistent pricing.
- Lack of transparency and poor service timelines.
- The company is targeting India’s multi-billion dollar automotive aftermarket industry.
- Eximius Ventures selected Amicco as one of its first investments from Eximius Fund 2.
Founder’s Background
Vivek Aalok brings a unique blend of financial and operational expertise.
- Former J.P. Morgan associate involved in the General Motors IPO.
- Early team member at Spinny, where he scaled the brand nationally as Head of Business.
- Leveraging firsthand insights into industry bottlenecks, Vivek founded Amicco to digitise and unify the spare parts ecosystem.
Funding Details
- Amount Raised: $1 million
- Funding Stage: Seed
- Lead Investor: Eximius Ventures
- Other Investors: FJ Labs and undisclosed angels/institutionals
- Purpose: Platform expansion, tech infrastructure, talent acquisition, and market outreach.