Chennai-based automobile aftermarket player myTVS has raised an additional funding of $24.4 million (Rs 203 crore) from an Exor fund managed by Lingotto, taking its Series C round to $83 million (Rs 690 crore), per an announcement on Thursday.
myTVS had raised Rs 487 crore from Castrol India Limited as part of its Series C funding last month, it said in a statement.
Earlier, Exor had invested about Rs 350 crore in myTVS in 2021. The latest investment has raised Exor’s stake in myTVS to 11.5%.
myTVS will use the funds to scale up its online-to-offline (O2O) business model, expand its network, and technology, and expand the country’s automotive aftermarket service for two and four-wheeler customers. Additionally, the funds will be used for debt repayment including acquisition financing, brand building and international growth.
“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.
myTVS brings together consumers, retailers, service garages and fleet operators onto its digital properties, offering services and parts to B2B and B2C customers. It claims to be serving 3 million customers, 20,000 service garages, 10,000 retailers and fleet in 270 cities across India.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from December 13-15, 2022.
