Castrol India announces an investment of up to Rs 487.5 crore in Ki Mobility Solutions
One of India’s bigger lubricant players plans to acquire 7.09 percent stake in Ki Mobility Solutions, a player in the independent automobile aftermarket business.
Castrol India and Ki Mobility Solutions (KMS) have announced a collaboration to leverage each other’s strengths and expand into the country’s automotive aftermarket ecosystem via ‘myTVS’ that is KMS’s digitally integrated multi-brand service platform for two and four wheelers.
Up to Rs 487.5 crore has been earmarked for this strategic investment. Castrol India aims to expand its presence in service and maintenance for both internal combustion engine (ICE) and electric vehicles (EV) and leverage myTVS’ digital and operational capabilities. This alliance will also offer potential for Castrol and KMS to collaborate and partner in select markets beyond India, according to a joint release issued by Ki Mobility.
Vehicle owners will benefit from this strategic alliance through easy access to differentiated, digitally enabled service and maintenance offered by the myTVS platform.
myTVS platform has a reach of three million customers across 1,000 garages in India and its online-to-offline digital platform already offers quality, standardised and cost-effective services and parts to B2B and B2C customers through its owned outlets, franchise network, at home services and road-side assistance service providers.
Sandeep Sangwan, Managing Director, Castrol India, said, “KMS has a leading automotive digital platform, myTVS which is disrupting the Indian aftermarket. Castrol’s established brand equity and nation-wide footprint in India, combined with myTVS’ digital strength will bring structure to the currently fragmented automotive service sector and also accelerate business growth for KMS. In addition, Castrol will explore business and technology collaborations with KMS to enable readiness for transition to electric mobility. Indian consumers will reap the dual benefits of trusted brands and reliable services.”
CIL’s existing presence in service and maintenance includes a network of 220 Castrol Auto Service passenger car workshops in 110 cities across India and 42 Castrol Express Oil Change outlets that offer two-wheeler consumers fast and convenient oil change services.
G Srinivasa Raghavan, Managing Director, Ki Mobility Solutions, said, “This investment by Castrol India is testimony to the success of our unique online-to-offline business model. Our partnership with Castrol will significantly enhance the ownership experience for customers across the lifecycle of their vehicles. Besides, the coming together of two leading players will offer numerous synergy options like scaling-up of business offerings to electric vehicles and the potential to expand our footprint beyond India.”
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