 "MyTVS lines up its expansion plans, sets sight on overseas market")
Multi-brand aftermarket chain myTVS, a part of the $3 billion TVS Mobility group, will cross 1,000 service centers in July and is looking to expand its presence to 2,500 stores by 2026, G Srinivasa Raghavan, its managing director, said.
The company is also planning to take its digital platform Ki Mobility abroad, and has already started trial runs in Europe, Asia Pacific and Africa.
"Our strategy is to come up with at least two service centres a day. We will be completing 1,000 stores now. With this, we will be one of the largest aftermarket chains in Asia Pacific, except China," said Raghavan.
The company has more than a million customers and has set a target of 10 per cent market share by 2026.
He said that myTVS is looking to raise more money from investors soon, for its expansion. This comes after the company raised around Rs 690 crore in December as a combination of Rs 487 crore from Castrol India (Castrol) and Rs 203 crore from an Exor fund managed by Lingotto, mainly for expansion of its brand myTVS.
Under Ki Mobility, two brands are functioning at present, which includes myTVS for the automobile service business and myTVS Partsmart for the parts business. Raghavan indicated that the presence of myTVS has a potential to reach 750 towns in the next two years, versus around 450 towns now.
At present, the company claims to be having a repeat ratio of 52 per cent. “We target to reach around 70 per cent in the next few years,” he added.