myTVS, an online to offline automotive solutions company, has raised Rs 375 crore ($50 million) from a fund managed by Exor.
The fresh funds will be used to scale its online-to-offline business model, expand throughout the country and build its cloud-based digital infrastructure for its business to consumer vertical.
The company previously raised Rs 85 crore led by Pratithi Investment Trust and SeaLink Capital Partners.
“We are glad to have Exor as our investment partner, which vindicates myTVS’ positioning as an O-to-O 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,” said R Dinesh, myTVS director.
Rothschild & Co were the bankers for this deal. Nishith Desai Associates acted as counsel to Exor, and Jyoti Sagar Associates acted as counsel to myTVS for this deal.
myTVS is also working on a super app for requirements like mechanical, collision, and maintenance services, diagnostics, roadside assistance, and insurance.
The company said it has over 3 million customers, 20,000 service garages, 10,000 retailers, and fleets in 270 cities across the country.
myTVS recently acquired Mahindra First Choice Services (MFCS) in a share swap deal. As part of the deal, M&M will take a 2.76% stake in TVS Automobile Solutions.