myTVS obtains 375 crore from Exor-managed fund

By siliconindia  |  Tuesday, 17 August 2021, 09:32:21 AM IST

img

Ki Mobility Solutions’ myTVS, a full-stack O-to-O (online-to-offline) digital platform has secured 375 cr from a fund managed by Exor, one of Europe’s leading holding companies.

The raised fund would be used to scale up its online-to-offline business model. Furthermore, the company intends to establish a pan India platform, and develop its cloud-based digital infrastructure to evolve as the largest B-to-C (Business to Consumer) player in the automotive aftermarket.

R Dinesh, Director, TVS Automobile Solutions, says, “We are glad to have Exor as our investment partner, which vindicates myTVS’ positioning as an O-to-O business model. Our end-to-end digital platform provides India’s business entrepreneurs an opportunity to grow in a fragmented market and will bring transparency and organized structure into the aftermarket segment.”

myTVS is also developing a ‘Super app’ for its customers who could access to end-to-end service requirements ranging from mechanical, collision, and maintenance services, diagnostics, roadside assistance, insurance, and more, for their vehicles through the myTVS app. Similarly, there will also be a Spare parts platform that would aim to cater to the fragmented service garage market (50,000 independent garages), through e-ordering of spare parts and through its efficient supply chain solutions.

In June this year, myTVS had announced a fundraising of Rs 85 cr from tech investors led by - Pratithi Investment Trust (represented by its trustee S Kris Gopalakrishnan, co-founder of Infosys) and SeaLink Capital Partners (SCP). myTVS brings together the entire ecosystem consisting of, consumers, retailers, service garages, and fleet operators onto its digital properties with twin offerings of a service platform and spares platform.

It aims to provide end-to-end solutions to its 3 million customers, 20,000 service garages, 10,000 retailers, and fleets in 270 cities across the country.

Recently, the firm acquired Mahindra First Choice Services (MFCS), which was rebranded as myTVS thereby creating one of the largest multi-brand service networks across the country.

Rothschild & co were the bankers for this deal. Nishith Desai Associates acted as counsel to Exor and Jyoti Sagar Associates acted as counsel to myTVS for this deal.

ON THE DECK

siliconindia