myTVS, an online garage aggregator for automotive repair and maintenance services, has raised about $50 million (Rs 375 crore) from a fund managed by Exor, the holding company of Italy’s Agnelli family.
myTVS will use the funds to scale up its online-to-offline business model, establish a pan India platform and build its cloud-based digital infrastructure to become the largest business-to-consumer player in the automotive aftermarket, it said in a statement.
Besides, the company will also develop a spare parts platform that will aim to cater to the fragmented service garage market through e-ordering of spare parts and through its supply chain solutions.
myTVS, which operates under the Ki Mobility Solutions brand, had previously raised Rs85 crore led by Pratithi Investment Trust and SeaLink Capital Partners.
“Our end-to-end digital platform provides India’s business entrepreneurs an opportunity to grow in a fragmented market and will bring transparency and organised structure into the aftermarket segment,” said R Dinesh, myTVS director.
The company is also working on a super app through which customers will have access to services including mechanical, collision, and maintenance services, diagnostics, roadside assistance, and insurance for their vehicles.
At present, the company boasts over 3 million customers, 20,000 service garages, 10,000 retailers, and fleets in 270 cities across the country. The company had acquired Mahindra First Choice Services (MFCS) recently.
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.