Automotive Aftermarket Firm myTVS Raises INR 690 Cr In Series C Round

Automotive aftermarket firm myTVS has raised INR 690 Cr in its Series C funding round, bagging INR 487 Cr from Castrol India Ltd and INR 203 Cr from Lingotto, a fund managed by Dutch holding company Exor NV.

myTVS will use the fresh funds to scale up its online-to-offline (O2O) business model, expand its network, and invest in technology to enhance its services and spares platform. It also aims to expand the country’s automotive aftermarket ecosystem for two and four-wheeler customers. 

Besides, the funds will also be utilised for debt repayment including acquisition financing, brand building, and international growth, myTVS said in a statement.

While Castrol’s investment was announced by the company last month, the investment by Exor is a new development. This is not the first investment by Exor in myTVS. In 2021, it invested about INR 350 Cr in the firm. After its latest investment, Exor’s stake in the company has increased to 11.5%.

“The additional investment by Exor reiterates myTVS’ successful business model and its leadership position in the growing Indian automotive aftermarket segment,” said G. Srinivasa Raghavan, MD, myTVS.

ki Mobility Solutions Pvt Ltd, a digital subsidiary of TVS Automobile Solutions, operates the myTVS brand, which currently claims to have over 10K retailers and more than 3 Mn customers across India. ki Mobility is one of the largest independent automotive aftermarket players in the country.

myTVS claims to bring together the whole ecosystem of consumers, retailers, service garages, and fleet operators onto its digital properties, offering services and parts to B2B and B2C customers through its owned outlets, franchise network, at-home services, and roadside assistance. 

“We believe that the highly experienced management team of myTVS with its unparalleled execution capabilities can grow this business for long term,” said Ashish Kaushik, partner at Lingotto.

Last year, myTVS’s rival GoMechanic had raised $42 Mn in its Series C funding round led by Tiger Global with participation from the likes of Sequoia, Orios Venture Partners, among others.

As per a report, the global automotive aftermarket industry is projected to reach a size of $288.20 Bn, growing at a compound annual growth rate (CAGR) of 3.7% by 2028. Meanwhile, in India, the auto component sector is expected to stand at $200 Bn by FY26, as per another report.