NEW DELHI — myTVS, an online aggregator for auto repair and maintenance in India, has raised about 375 million rupees ($50 million) from a fund managed by Italian holding company Exor.
The company will use the funds to expand its online-to-offline business model, establish a pan-India platform, and build cloud-based digital infrastructure as it aims to become the largest business-to-consumer player in the automotive aftermarket, according to a myTVS statement.
It also hopes to develop a spare parts platform targeting the fragmented auto repair market through online ordering of spare parts.
myTVS, which is a subsidiary of TVS Automobile Solutions, had previously raised 850 million rupees 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 organized structure into the aftermarket segment,” said TVS Automobile Solutions Director R. Dinesh.
The company is also working on an app through which customers will have access to mechanical, collision and maintenance services as well as roadside assistance and insurance.
At present, myTVS boasts over three million customers, 20,000 service garages, 10,000 retailers and fleets in 270 cities across India. The company recently acquired Mahindra First Choice Services.
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