The financial details of the deal remained undisclosed. Besides, PwC Corporate Finance was the adviser on the transaction.
Delhi-based Jazzmyride was founded in 2011 by Sunil Dhingra, aiming at providing invariable car and bike accessories online. The startup was previously known as Storeji.com, sells spare parts, car & bike accessories, cleaning & protection equipment, car audio systems, and other components. It claims to have more than 10,000 car and bike accessories from 52+ brands primarily for Indian cars and bikes.
Related Article: TVS Automobile Invests $11 Mn In Three startups
Jazzmyride counts some of world’s best brands under its platform and has exclusive online sales rights granted by international leading brands for brands like Turtle Wax (USA), ABRO (USA), Xenos, and more. Besides, it has also partnered with around 15 ecommerce portals like Amazon and AskMeBazaar to power the sales of auto aftermarket products through their websites.
With TVS Automobile investing in Jazzmyride, the company will enhance its automobile aftermarket offerings in the ecommerce zone.
TVS Automobile Solutions is a subsidiary of Chennai-based TVS & Sons. It operates as a multi-brand car servicing chain under the MyTVS brand, which is an ecommerce portal to offer automobiles’ accessories.
The auto spare parts and servicing segment has seen a couple of startups over the last few years. Recently, vehicle maintenance startup MotoMojo raised funding from the founders of Ventes Avenues. Last year, auto services marketplace Cartisan raised seed funding from Global Founders Capital, YouWeCan Ventures, Aprameya Radhakrishna and others, and another auto parts and services marketplace SparesHub, raised pre-Series A funding from Hyderabad Angels and Singapore-based M&S Partners.
Apart from TVS, other biggest Indian conglomerates such as Tata Group, Aditya Birla Group and Mahindra Group, who have been entering into the other verticals of ecommerce segment as well. In March this year, Mahindra launched its agricultural equipment rental services arm called Trringo. Prior to that, it launched digital marketplace SmartShift, an ecommerce venture M2ALL.com, and contactless digital payment ecosystem MoboMoney. Recently, Tata Group announced that it will launch an online marketplace CliQ, under its new vertical Tata Unistore.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.