TVS Automobile Solutions Ltd (TVS ASL) on Thursday has invested about $11 Mn (INR 75 Cr) in three startups, Jazzmyride.com, Autosense (a venture by Hansa Cequity), and Redsun Telematics.
Jazzmyride.com deals with auto parts and accessories; Autosense provides technology and analytics based customer management services, while Redsun Technologies is an Internet of Things start-up that develops business solutions like connected cars.
TVS Automobile Solutions picked up a majority stake in, online seller for car & bike accessories and spare parts Jazzmyride.com in May 2016.
The financial details of the deal remained undisclosed. Besides, PwC Corporate Finance was the adviser on the transaction.
TVS ASL, part of the TVS group, focuses on the automobile aftermarket business and aims at providing technology based global delivery model to help manufacturers connect with customers, garages and retailers directly.
Srinivasa Raghavan, executive director, TVS Automobile Solutions Ltd, said, “TVS ASL is uniquely positioned in providing both digital technology solutions and brick and mortar infrastructure in addressing the needs of manufacturers. Digital technologies help in enabling transparency in supply chain, visibility of consumption and therefore help them customise products and services towards market needs.”
TVS expects these businesses to generate revenue on INR 250 Cr in the next three years.
The development was opened by ET.
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