myTVS, a leading automotive aftermarket business company has raised Rs 690 crore in Series C fundraising. This includes Rs 487 crore from Castrol India (Castrol) and Rs 203 crore from an Exor fund managed by Lingotto, a wholly owned subsidiary of Exor, one of Europe’s leading holding companies.
In November 2022, myTVS announced a fundraising of Rs 487 crore from Castrol to explore business and technology collaborations.
The company says the funds will be used 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.
G. Srinivasa Raghavan, MD, MTVs said, “The additional investment by Exor reiterates myTVS’ successful business model and its leadership position in the growing Indian automotive aftermarket segment. 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.”
In 2021, Exor invested about Rs 350 crore in myTVS. Now, with the new funds, Exor has increased its stake to 11.5% in myTVS.
Ashish Kaushik, Partner at Lingotto said, “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. We believe that the highly experienced management team of myTVS with its unparalleled execution capabilities can grow this business for long term.”
myTVS brings together the entire ecosystem of consumers, retailers, service garages and fleet operators onto its digital properties, offering quality, standardised and cost-effective services and parts to B2B and B2C customers through its owned outlets, franchise network, home services and roadside assistance. At present, it claims to provide end-to-end solutions to its 3 million customers, 20,000 service garages, 10,000 retailers and fleets in 270 cities across the country.
