TVS Automobile Solutions (MyTVS), the India-based car repair unit of conglomerate TVS Group, has received Rs3.75bn ($50m) of funding from an investment vehicle managed by diversified holding group Exor, according to VCCircle.
MyTVS was founded in 2011 and provides a range of automobile aftermarket services including repairs, maintenance and car cleaning. The business operates more than 20,000 service garages and has over 3 million customers.
The funding will be used to build upon MyTVS’ online-to-offline business model, as well as expand its presence in India and develop its cloud-based infrastructure.
R Dinesh, director at MyTVS, said: “We are glad to have Exor as our investment partner, which vindicates MyTVS’ positioning as an [online-to-offline] business model. 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.”
The company raised $11.5m in a round led by private equity fund SeaLink Capital Partners and Pratithi Investment Trust in June 2021.
Automotive manufacturer Mahindra & Mahindra (M&M) secured a 2.8% stake in myTVS through a share swap deal from November 2020, in which MyTVS acquired M&M’s car repair subsidiary Mahindra First Choice Services.
Diversified conglomerate Mitsubishi acquired a “substantial” minority stake in the company in June 2019.
It also received an undisclosed amount of private equity funding from Kitara Capital in 2011.