PE Fund Investments

Auto aftermarket co myTVS raises Rs.203-Cr from Europe's Exor

Business Standard  

Chennai-based automobile aftermarket company myTVS has raised INR 203 crore from European investor Exor (managed by Lingotto), as part of Series C funding. The total Series C fundraising of INR 690 crore also included INR 487 crore from Castrol India. Daiwa Corporate Advisory (DC) acted as the banker on the transaction. Nishith Desai Associates acted as counsel to Exor and Jyoti Sagar Associates acted as counsel to myTVS. The new funds will be used to scale the firm's online-to-offline (O2O) business model, expand network, strengthen technology, and expand automotive aftermarket service for two and four-wheelers. The funds will also be used for debt repayment, acquisition financing, and brand building. myTVS offers standardised services and parts to B2B and B2C customers. It claims to have 3 million customers, 20,000 service garages, 10,000 retailers and fleets in 270 cities across India. In 2021, Exor had invested about INR 350 crore in myTVS, which is part of TVS Mobility group. The latest funding increased its stake in myTVS to 11.5 %.

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