MyTVS raises Rs 203 crore in funding

16 Dec 2022 , 10:21 AM

MyTVS, an automobile aftermarket company, has raised Rs 203 crore from an Exor fund managed by Lingotto as part of a Series C fundraising round.

Castrol India (Castrol) contributed Rs 487 crore to the entire Series C funding of Rs 690 crore, and the Exor fund contributed Rs 203 crore. Exor made a roughly Rs 350 crore investment in myTVS, a division of the TVS Mobility company, in 2021, and with the most recent infusion, it expanded its ownership to 11.5 percent.

MyTVS indicated in November that the Castrol financing would be put toward partnering in business and technology. The money will be utilized to develop the company’s online-to-offline (O2O) business model, network, and technology, as well as the automotive aftermarket service offered to two- and four-wheeler users throughout the nation. Additionally, the money will be used for debt repayment, acquisition finance, brand development, and global expansion.