myTVS raises Rs 203 cr from Lingotto

CHENNAI: Automotive aftermarket firm myTVS on Thursday said it has raised Rs 203 crore from Lingotto, a subsidiary of Exor NV in a funding round.

Earlier, Exor had invested about Rs 350 crore in myTVS in 2021. Along with the fresh investment, Exor’s stake has increased to 11.5 per cent in myTVS, the company said in a statement.

The funds raised in Series C round will be used to scale up the Online-to-Offline (O2O) business model, network expansion, investment in technology to enhance services and spares platform for two and four-wheeler customers, it added.

Additionally, the funds will be utilised for debt repayment besides acquisition financing, brand building and international growth.

For this deal, Daiwa Corporate Advisory was appointed as the banker, Nishith Desai Associates acted as counsel to Exor while Jyoti Sagar Associates acted as counsel to myTVS.

Last month, myTVS had announced raising of Rs 487 crore from Castrol India Ltd NSE -1.77 %, to explore business and technology collaborations.

Through its platform, the company brings consumers, retailers, service garages and fleet operators together offering standardised services and parts to B2B and B2C customers. It has its own outlets, franchise network, at home services and roadside assistance.

The company claims to have 30 lakh customers, 20,000 service garages, 10,000 retailers and fleets in 270 cities across India.