TVS Automobile Solutions (TVS ASL), India’s leading independent aftermarket player and an arm of multi-billion dollar TVS group, on Thursday announced investments in three start-up companies, including in e-commerce, Big Data/Analytics and IoT (Internet of Things), to become an end-to-end solutions provider in the $9.5 billion Indian automobile aftermarket space.
The three start-up companies are Jazzmyride.com, an e-commerce player in the auto aftermarket; Autosense, an analytics, big data solutions provider with a dedicated automotive vertical and Redsun, an Internet of Things (IoT) start-up involved in connected cars solutions addressing, safety, convenience and integrated services, said G Srinivasa Raghavan, executive director, TVS Automobile Solutions.
Addressing a press conference here, Srinivasan said it picked up a majority stake in Jazzmyride.com, while completely acquired Redsun. It has floated Autosense in a 49:51 joint venture with Hansa Cequity, a data driven marketing company.
According to him, at present, 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. There are over 90 million two-wheelers, 30 million cars and rest in other areas of automobile. There are over 4,00,000 garages across the country, he added.