The country’s largest multi-brand four-wheeler service, maintenance and repair platform, myTVS, expects a 30-40% top-line growth over the next few years, supported by aggressive network expansion and rapid increase in its active subscriber base.
“In the last four years, we have grown at a CAGR of 35-40%. We are fairly confident that we should be able to sustain it for the next few years,” G Srinivasa Raghavan, MD, myTVS, said. The Chennai-based company expects to end the current financial year with around Rs 2,100 crore in revenue.
Growth Pillars
Raghavan said growth will be anchored by service network expansion, widening service portfolio, scaling up of its quick-commerce channel, and near-doubling of paid service subscriptions in the passenger cars and fleet operator segments.
The online-to-offline platform offers vehicle repair management, parts and accessories, insurance products, and on-demand roadside assistance. It caters to both individual customers and enterprise clients including fleet owners, corporates and insurers. As on date, the company has 10 million active service subscriptions, accounting for about 18-20% of the 52 million serviceable vehicles in the country, with most others still serviced by unorganised centres.
The five-year-old platform — part of the $3-billion TVS Mobility Group — turned Ebitda (Earnings before interest, taxes, depreciation, and amortisation) positive and aims to turn profitable at the profit before tax level in the coming quarters, driven largely by personal passenger car subscriptions.
“In terms of customers, we are growing 5-6% every month organically which means we are doubling ourselves every year,” he said. Out of every 100 customers the company services, 52 are repeat users.
Doubling service touchpoints and Quick-Commerce Scale-Up
myTVS has partnerships with over 20 original equipment manufacturers (OEMs), more than 100 parts manufacturers, 15 financial institutions and over 15 insurance companies.
It recently partnered with VinFast Auto India to offer after-sales service for the Vietnamese EV maker. Raghavan said 120-150 service centres have already been upgraded for EV servicing, to support VinFast and other last-mile mobility startups. myTVS plans to double its multi-brand service network to 2,500 centres in the next two years.
“Today we have 1,100 multi-brand service centres, besides 1,000-plus mobility centres. That makes it by and large next only to Maruti Suzuki in terms of touch points,” he said.
myTVS entered the quick-commerce space last year to distribute automotive parts and lubricants. “By March we should have crossed 100 dark stores across the country and by next year we would be having 250 dark stores,” Raghavan said, adding that this will cut delivery times for garages to around two-to-four hours. The company, with a catalogue of 12 million spare parts, aims to cover 8,000-10,000 pin codes through its quick-commerce supply chain.
On the international front, Raghavan said West Asia and Africa are key focus markets. “We have just got a licence to operate in Dubai and are establishing our office in Dubai. But our first focus is to service India and consolidate our leadership,” he said. Earlier this month, myTVS signed a strategic pact with Transguard Group to offer inventory management, parts and service, and uptime management solutions for automotive, aviation and supply chain sectors in the UAE.