TVS Automobile Solutions invests Rs 75cr in 3 startups as part of its digital initiativesPress Trust of India
TVS Automobile Solutions, a part of the Chennai-based TVS Group, recently said that it has made substantial investments in three startups as part of its digital initiatives to provide business solutions to vehicle and component manufacturers.
The company, which has so far invested Rs 75 crore in various technology startups, expects the new businesses to generate revenues to the tune of Rs 250 crore in the next three years. TVS Automobile Solutions (TVS ASL) said it has made investments in Jazzride.com, an e-commerce player in auto aftermarket dealing with parts and accessories for passenger vehicles, two-wheelers and commercial vehicles.
The company has also invested in Autosense, a technology and analytics-based customer management services and Redsun, a startup in Internet of Things space working on business solutions like connected cars in addressing, safety, convenience and integrated service for customers.
We have invested about Rs 75 crore in tech startups as they bring in emerging tech solutions, TVS ASL will help them with domain, scale and profitability. We expect these businesses to generate revenue of Rs 250 crore in the next three years, TVS ASL Executive Director G Srinivasa Raghavan said.
Digital technologies help in enabling transparency in supply chain, visibility of consumption and therefore help them customise products and services towards market needs, he added.
At present, the Indian automobile aftermarket provides a complex picture for manufacturers, with over 150 million vehicles outside warranty period that are being served by thousands of garages and retailers. The visibility of consumption will not only help manufacturers customise marketing solutions but also define and design new products and services for higher market share and profitability, the company said.
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TVS Automobile Solutions Ltd (TASL), a subsidiary of TVS & Sons, has been in the business of automobile service business for more than a decade. The company operates the business through its brand MyTVS and has been hived off as a separate company in the year 2011.