From Left: R Dinesh, Director, TVS Automobile Solutions and Badr Jafar, CEO of Crescent Enterprises
Chennai: TVS Automobile Solutions (TVS ASL), which owns the myTVS automotive aftermarket business, has raised Rs 425 crore in a Series D funding round led by CE-Invests, the strategic investment platform of UAE-based Crescent Enterprises.
The investment is also expected to help myTVS build scale and capabilities for eventual public-market readiness, the company said. “This investment is a further proof that this technology-led platform is capable of delivering a similar experience in other markets,” said R Dinesh, director, TVS Automobile Solutions. Crescent Enterprises said it sees potential to leverage myTVS’ technology platform and automotive aftermarket capabilities across the Middle East. “Alongside capital, we will bring market insight, commercial relationships and regional execution support to help myTVS establish a strong UAE presence and grow across MENA,” said Tushar Singhvi, deputy CEO and head of investments, Crescent Enterprises. myTVS operates an integrated multi-brand automotive aftermarket platform covering vehicle repair and maintenance, parts, accessories, tyres, batteries, insurance and roadside assistance.
The fund raise will help myTVS accelerate its growth in India, step up investments in AI and technology, and explore expansion of its technology-led aftermarket platform into the Middle East and North Africa (MENA). Over the years, myTVS’ business has built an integrated automotive aftermarket platform combining digital technology with a physical service network, serving OEMs, EV makers, customers and fleet operators across India. The investment would enable the company to scale operations in India and MENA while maintaining profitable growth, he added. The platform serves retail customers, fleet operators, OEMs and EV manufacturers.