myTVS has announced that it has raised its Series C funding of INR 690 crore as a combination of INR 487 crore from Castrol India and INR 203 crore from Exor fund managed by Lingotto. A press release from myTVS noted that earlier in November 2022, the company had raised INR 487 crore from Castrol India to explore business and technology collaborations.

Exor had earlier invested about INR 350 crore in myTVS in 2021. Along with this investment of INR 203 crore, Exor’s stake increases to 11.5% in myTVS. The new lot of funds will be used to scale up its online-to-offline (O2O) business model, expand its network, invest in technology to enhance its services and spares platform, and expand the country’s automotive aftermarket ecosystem via ‘myTVS’, for two and four-wheeler customers.

Additionally, the funds will be utilised for debt repayment, including acquisition financing, brand building and international growth. G Srinivasa Raghavan, Managing Director, myTVS, said, “The additional investment by Exor reiterates myTVS’ successful business model and its leadership position in the growing Indian automotive aftermarket segment.”

Ashish Kaushik, Partner, Lingotto, said, “We believe that the highly experienced management team of myTVS with its unparalleled execution capabilities can grow this business for long term.”