Chennai, Dec 15: myTVS, a player in the independent automobile aftermarket business, has raised Rs 203 crore from an Exor fund managed by Lingotto to meet its various capital requirements, the company said on Thursday.
The Rs 203-crore fund raising follows another Series ‘C’ fundraising of Rs 487 crore made by myTVS in November from Castrol India Ltd to explore its business and technology collaborations.
Lingotto is a wholly owned subsidiary of Exor NV.
“The funds (raised) will be used to scale up its online to offline business model, expand network, invest in technology to enhance its services and spares platform and expand country’s automotive aftermarket system via myTVS for two-and four- wheeler customers,” myTVS said in a statement here.
Additionally, the funds would be used for debt repayment including acquisition financing, brand-building and for international growth, the company said.
“The additional investment by Exor reiterates myTVS successful business model and its leadership position in the growing Indian automotive aftermarket segment,” said myTVS managing director G Srinivasa Raghavan.
“Our end-to-end digital platform is the single largest network in the aftermarket eco system that aims to bring structure to the fragmented automotive service sector and also seeks to empower the livelihood entrepreneurs with technology,” he said.
In 2021, Exor invested about Rs 350 crore. Along with the fresh round of investment of Rs 203 crore, Exor’s stake increases to 11.5 per cent in myTVS.
“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,” said partner at Lingotto Ashish Kaushik.
“We believe that the highly experienced management team of myTVS with its unparalleled execution capabilities can grow this business for long-term,” he said. (PTI)
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