TVS Automobile Solutions invests Rs 75 crore in three start-up companies

Sensing the opportunities in the digital space and the start-up scenario in the country, TVS Automobile Solutions (TVS ASL) has announced an investment of Rs 75 crore in three start-up companies – jazzmyride.com, Autosense and Redsun Consultancy.

The three start-ups operate in e-commerce, big data & CRM and the internet of things domains. With the investment, TVS ASL  has now created an ecosystem for its digital initiatives. The company expects to generate business of Rs 250 crore from the start-ups over the next three years.

Chennai-based TVS ASL will now provide digital business solutions to vehicle and component manufacturers to help them achieve greater customer satisfaction and higher market share in the automotive aftermarket.

According to G Srinivasa Raghavan, executive director, TVS Automobile Solutions, “With investment in tech-start-up, we are going to leverage technology to serve to get closer to the customer. With this acquisition, TVS ASL will complement its off-line service to next-gen technologies of with digital infrastructure of these companies by providing domain capabilities, scale and profitability.”

Jazzmyride is an e-commerce player in the auto market, dealing with parts and accessories with over 300,000 customers and offers more than 100,000 products across 150 categories and more than 52 brands.

Sunil Dhingra, founder and CEO, Jazzmyride.com, said, “We see tremendous synergy with TVS ASL with online-to-offline retailing approach thereby brining the best of both the worlds to the benefits of all the stakeholders in the value chain.”

Meanwhile, Autosense provides technology and analytics-based customer management services. Partnering Cequity, Autosense provides digital solutions, especially to automotive companies.

Redsun consultancy is an internet of things start-up that develops business solutions like connected cars and integrated service for customers.

“We have taken the leadership in transforming Indian automotive aftermarket by creating an ecosystem of retailers, garage & fleet wherein each stake holder will benefit in growth, efficiencies and profitability by participating in the value creation of end customers,” added Raghavan.

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