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myTVS, a vehicle service provider that operates under Ki Mobility Solutions, will enter the overseas market by starting centres in three Asia Pacific countries, said a senior company executive on Thursday.
This comes close to Castrol India acquiring 7.09 per cent stake in Ki Mobility for Rs 487 crore. Ki Mobility, which is part of the $2-billion TVS Mobility Group, expects its revenue to increase from around Rs 1,600 crore this financial year to around Rs 2,000 crore during the next financial year.
“To mark our overseas foray, we are planning to expand myTVS to three countries in Asia Pacific region soon,” G Srinivasa Raghavan, managing director of Ki Mobility Solutions, told Business Standard without naming the places.
Exor Group invested Rs 203 crore in Ki Mobility in a funding round, taking its total stake to 11.5 per cent. Exor is controlled by Italy’s Agnelli family. Exor has invested in global companies like Ferrari, Fiat, Chrysler Automobiles, PartnerRe, CNH Industrial, the Economist Group, and Juventus football club.
myTVS is present across India through around 25,000 garages and 1,100 own outlets. Ki Mobility was created by TVS ASL in November 2020. It claims to be India’s first full-stack O2O (online-to-offline) digital platform that operates the myTVS parts and accessories brand. The idea is to give myTVS's three-million customer base a digital platform and expand it to 10 million by 2025.
“We would like to increase myTVS outlets to around 1,600 outlets by next year. We are also expecting a same-store growth of around 15-20 per cent,” said Raghavan. On Thursday, myTVS joined hands with Oracle Fusion Cloud Applications to unify operations and improve business efficiency.
“myTVS is a leading digital aftermarket AI platform that provides a unique business model by decoupling customer value chain and delivers digital services to 3 million customers, 20,000 retailers and 25,000 garages across the country. We needed to integrate data across all our brick and mortar stores, and digital platforms to improve real-time insights, optimize business processes, and reduce costs. With Oracle Fusion Applications, we can standardize processes,” Raghavan said.
In November 2021, myTVS forayed into electric service space. With the growth of electric vehicles in the country, it has become a one-stop shop for all service requirements of EV owners.
Raghavan said that the company expects its EV business to touch Rs 100 crore by the next financial year.
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First Published: Thu, March 16 2023. 18:52 IST
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