Automotive aftermarket player myTVS raises Rs 203 Cr in Series C funding
myTVS plans to use the funds to grow its digital platform and widen its B2C aftermarket network.
, a Chennai-based automobile aftermarket player, has raised an additional Rs 203 crore from an Exor fund managed by Lingotto. This is part of a cumulative Rs 690 crore Series C fundraising, with Rs 487 crore already secured from Castrol India Limited in November 2022.
Lingotto is a wholly-owned subsidiary of Europe-based Exor NV.
Exor had invested about Rs 350 crore in myTVS in 2021. With the latest investment, Exor’s stake in myTVS has increased to 11.5%.
As per the official release, myTVS will use the funds to scale up its online-to-offline (O2O) business model, expand its network, invest in technology to enhance its services and spares platform, and expand the country’s automotive aftermarket ecosystem via ‘myTVS’ for two and four-wheeler customers. Additionally, the funds will be utilised for debt repayment, including acquisition financing, brand building, and international growth.
“The additional investment by Exor reiterates myTVS’ successful business model and its leadership position in the growing Indian automotive aftermarket segment," said G Srinivasa Raghavan, Managing Director, myTVS. "Our end-to-end digital platform is the single largest network in the aftermarket ecosystem that aims to bring structure to the fragmented automotive service sector, and also seeks to empower the livelihood entrepreneurs with technology.”
myTVS, owned and operated by Ki Mobility Solutions Pvt Ltd, brings together the entire ecosystem of consumers, retailers, service garages, and fleet operators onto its digital properties, offering services and parts to B2B and B2C customers through its owned outlets, franchise network, at-home services, and roadside assistance. It claims to provide end-to-end solutions to its three million customers, 20,000 service garages, 10,000 retailers, and fleets in 270 cities across the country.
“myTVS is a leading disruptor in the automotive aftermarket space in India. It has an innovative technology-driven business model, which can be leveraged to become a global player," added Ashish Kaushik, Partner at Lingotto. "We believe that the highly experienced management team of myTVS with its unparalleled execution capabilities can grow this business for the long term.”
For this deal, Daiwa Corporate Advisory (DC) was appointed as the banker, Nishith Desai Associates acted as counsel to Exor and Jyoti Sagar Associates acted as counsel to myTVS.
Edited by Kanishk Singh