myTVS, a part of TVS Mobility Group and a leading Indian player in the independent automobile aftermarket business, said it had raised an additional ₹203 crore from an Exor fund managed by Lingotto, a wholly owned subsidiary of Exor NV.
Exor had invested about ₹350 crore in myTVS in 2021. Along with the investment of ₹203 crore, Exor’s stake in myTVS increased to 11.5%, the latter said in a statement.
The funds will be used to scale up its online-to-offline (O2O) business model, expand network, invest in technology to enhance 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.
In November 2022, Castrol India Ltd., invested ₹487 crore in myTVS to pick up 7.09% stake.
myTVS brings together the entire ecosystem of consumers, retailers, service garages and fleet operators onto its digital properties, offering quality, standardized and cost-effective services and parts to B2B and B2C customers through its owned outlets, franchise network, @home services and roadside assistance. It provides end-to-end solutions to its three million customers, 20,000 service garages, 10,000 retailers and fleets in 270 cities across the country.
Start your day, the smart way!
1 Mail | 2 Mins | 3 Stories