MyTVS Raises Further Rs 203 Cr From Lingotto
myTVS announced its Series C fundraising of Rs 690 crore as a combination of Rs 487 crore from Castrol India and Rs 203 crore from an Exor fund managed by Lingotto. Lingotto is a wholly-owned subsidiary of Exor NV. In November 2022, myTVS announced a fundraising of Rs 487 crore from Castrol India, to explore business and technology collaborations.
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, Managing Director, myTVS, 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.”
Exor had earlier invested about Rs 350 crore in myTVS in 2021. Along with this investment of Rs 203 crore, Exor’s stake increases to 11.5 per cent 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.
