myTVS raises Rs 203 cr in series c round funding from Lingotto
- ByStartupStory | December 16, 2022
Automobile aftermarket company myTVS has raised Rs 203 crore from an Exor fund managed by Lingotto in series C round. The company is planning to use it for business and technology collaborations. They have also decided to scale up its online-to-offline business model, expand network, technology, and expand the country’s automotive aftermarket service for two and four-wheeler customers. They are looking for debt repayment including acquisition financing, brand building and international growth.
“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,” said G Srinivasa Raghavan, managing director of 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. We believe that the highly experienced management team of myTVS with its unparalleled execution capabilities can grow this business for the long term,” said Ashish Kaushik, partner at Lingotto
MyTVS was founded by Sunil Dhingra in 2011. It brings together consumers, retailers, service garages and fleet operators onto its digital properties, offering standardised and cost-effective services and parts to B2B and B2C customers.The company claims to have 30 lakh customers, 20,000 service garages, 10,000 retailers and fleets in 270 cities across India.
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