myTVS raises Rs 203 crore

Automotive aftermarket agency myTVS on Thursday stated it has raised Rs 203 crore from Lingotto, a subsidiary of Exor NV in a funding spherical. Earlier, Exor had invested about Rs 350 crore in myTVS in 2021. Together with the recent funding, Exor’s stake has elevated to 11.5 per cent in myTVS, the corporate stated in a press release.

The funds raised in Sequence C spherical will likely be used to scale up the On-line-to-Offline (O2O) enterprise mannequin, community growth, funding in know-how to boost companies and spares platform for 2 and four-wheeler prospects, it added.

Moreover, the funds will likely be utilised for debt reimbursement in addition to acquisition financing, model constructing and worldwide progress.

Final month, myTVS had introduced elevating of Rs 487 crore from

, to discover enterprise and know-how collaborations.

Via its platform, the corporate brings shoppers, retailers, service garages and fleet operators collectively providing standardised companies and components to B2B and B2C prospects. It has its personal shops, franchise community, at residence companies and roadside help.

The corporate claims to have 30 lakh prospects, 20,000 service garages, 10,000 retailers and fleets in 270 cities throughout India. PTI RKL SHW