'We expect to break even this March and be one of the fastest to achieve profitability across all digital platforms.'
Multi-brand aftermarket chain myTVS, a part of the TVS Mobility group, kicked off a disruptive quick-commerce model for distributing automotive parts and lubricants through myTVS Hypermart in December 2024.
G Srinivasa Raghavan, managing director (MD), myTVS, talks to Shine Jacob/Business Standard in Chennai about the quick commerce road map, plans to raise market share, and global ambitions.
It has been more than a month since you launched the disruptive quick commerce model. What has the response been?
Today, we have 1,200 service networks. It is the largest single multi-brand network in the country and among the top five, including all vehicle manufacturers.
That gave us the confidence to see that every player in the ecosystem benefits.
We started the journey with retailers through Partsmart, showcasing that we could be their supply chain partner. Today, since launching Hypermart, the traction has been very good.
Hypermart is an upgrade of Partsmart. We launched it in Tamil Nadu and Kerala and will be launching in Karnataka and Maharashtra soon.
We have around 18 stores now and are adding four to five stores a month.
Our focus is to address state by state so that we can fully meet supply needs.
We are confident in our response and expect to cross 250 Hypermarts by March 2026.
Our goal is to cover 70 per cent of vehicle park areas, targeting commercial vehicles and major towns focusing on passenger vehicles.
How have these stores improved their business by adopting quick commerce, with delivery times of one to two hours?
In terms of revenue per store, my revenue has grown two-threefold.
Out of three people, one is opening a new store because he can now reduce stock.
He wouldn't do that without the confidence that his business is going to increase.
The size of the aftermarket business in India is around $10 billion, with your share around 7 per cent. Where do you see your growth with new initiatives?
Our goal is to reach 10-12 per cent of the industry revenue by FY28.
Simply rolling out our platforms across new areas will help us achieve this -- I don't have to do anything more.
What we are doing now has been tested pan-Indian. If I look at my passenger car garages, most of them are in the North and East. So, I need to penetrate more in the West.
In terms of Hypermart, I need to penetrate more in the North and East.
We expect to close this year with revenue of ₹1,900-2,000 crore. The India business is continuously growing by 30-35 per cent.
IMAGE: G Srinivasa Raghavan, MD, myTVS.
Photograph: Kind courtesy, TVS
You brought in the Agnelli family's holding company, Exor, and Castrol as investors. Are you looking to raise more funds?
From the beginning, we have been blessed with the legacy of the TVS brand, which brings a tremendous amount of credibility for potential investors.
Additionally, our vision is to pursue strategic partnerships rather than financial partnerships. That is why Castrol and Exor are part of us.
With Castrol, we have always been clear that together we have one of the largest ecosystems in the country. Hence, there is scope for mutual collaboration in expanding value.
The idea is to create markets in India and across identified countries. We are looking at an asset-light model.
We expect to break even this March and be one of the fastest to achieve profitability across all digital platforms. Therefore, we do not require additional funding to run the business.
You launched mobility as a service a few months ago. How do you see its opportunities?
The fact that vehicles sold in the market are becoming more connected and increasingly electric have created two shifts in the market: the individual owner and the fleet owner.
Each of these fleet owners has close to 10,000 vehicles. We work with partners for charging solutions too.
The idea is to have multiple touch points for fleets across the country.
Today, I have more than 10 fleets signed up with me on a pan-Indian scale, including partners like MoEVing and Lithium Urban Technologies.
We are also in talks with players like Fyn Mobility. We are targeting private fleets and startups.
Currently, around 3.5 per cent of my revenue comes from electric vehicles (EVs), and this is expected to grow to 10 per cent in the next few years.
What is the status of taking Ki Mobility abroad?
We are running a pilot in fleet mobility in the United Kingdom.
We have already rolled it out through a large fleet and are observing the results.
We plan to expand to all commercial vehicle fleets in the UK.
We are also running a pilot in Turkey for commercial vehicles.
Our major focus areas are West Asia and Africa.
Feature Presentation: Rajesh Alva/Rediff.com
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