myTVS, a multibrand vehicle servicing platform owned by ki Mobility Solutions, plans to more than double its service centre network to 2,500 within the next two years, driven by increasing demand for multi-brand car servicing from vehicle OEMs and customers.
“We have crossed the milestone of 1,000 service centers. We expect to reach around 2,500 centers in the next two years to emerge among the top three multi brand service networks in the country,” G Srinivasa Raghavan, managing director of myTVS, told presspersons on Thursday.
Part of the US$3 billion TVS Mobility Group, ki Mobility is one of the largest automotive aftermarket players. It operates an online-to-offline digital platform offering vehicle repair management services, parts, accessories, insurance products, and on-demand roadside assistance across the country. myTVS caters to personal mobility (individual customers) as well as enterprise mobility (fleet owners, corporate customers, and insurers).
Raghavan said the company plans to add two service centres every day, with 8-10% of the new additions being company-owned and the remainder through a franchise model.
myTVS closed FY24 with a topline of about ₹1,900 crore. “In the overall aftermarket segment, we should be among the top five. We grow anywhere between 25-30% year-on-year,” he added.
He noted a growing trend of automotive dealers becoming multi-brand service centres. As many as 92% of passenger car sales are from six brands, and the remaining 8% are distributed across numerous brands, making the viability of dedicated service centres a challenge, he said.
In December 2022, myTVS raised ₹690 crore in its Series C funding from Castrol India and Lingotto, a fund managed by Dutch holding company Exor. Raghavan mentioned that the company plans to conduct its next fundraise within the next nine months.
