Auto aftermarket firm myTVS raises Rs 203 cr in funding from Lingotto

Company earlier got Rs 487 cr from Castrol India for business and technology collaborations

Automobile aftermarket company myTVS has raised Rs 203 crore from an Exor fund managed by Lingotto, getting the money as part of a Series C funding.

The total Series C fundraising of Rs 690 crore included a combination of Rs 487 crore from Castrol India (Castrol) and Rs 203 crore from the Exor fund. Exor invested about Rs 350 crore in myTVS, which is part of TVS Mobility group, in 2021 and the latest funding increased its stake in myTVS to 11.5 per cent.

In November, myTVS announced the Castrol fundraising would be used for business and technology collaborations. The funds will be used to scale up its online-to-offline (O2O) business model, expand network, technology, and expand the country’s automotive aftermarket service for two and four-wheeler customers. The funds will also be used 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.

Exor is controlled by Italy’s Agnelli family. Exorha has invested in global companies like Ferrari, Fiat, Chrysler Automobiles, PartnerRe, CNH Industrial, the Economist Group, and Juventus football club.

“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 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. It has 3 million customers, 20,000 service garages, 10,000 retailers and fleets in 270 cities across India.

For the Rs 203-crore deal, Daiwa Corporate Advisory (DC) was appointed as the banker. Nishith Desai Associates acted as counsel to Exor and Jyoti Sagar Associates acted as counsel to myTVS.