TVS Motor increases stake by 5.6% in RentOnGo

The Chennai-based two-wheeler firm said it has acquired additional 5.6 per cent stake in Condivision by investing Rs 5 million.

Two-wheeler major TVS Motor is in a start-up acquistion mode. After acquiring a minority stake in Bengaluru-based electric two-wheeler and energy infrastructure start-up Ultraviolette Automotive Pvt Ltd in December, the company has said it is increasing its stake in Condivision Solutions Private Limited, which operates RentOnGo, an online marketplace for renting bikes.

The Chennai-based two-wheeler firm said it has acquired additional 5.6 per cent stake in Condivision by investing Rs 50 million. Consequent to the additional investment, company's holding has increased to 29.6 per cent.

Condivision Solutions Private Limited provides an online platform for connecting renters with owners in Bengaluru, Delhi/NCR, Hyderabad,