myTVS Targets 30-40% Annual Growth, Poised to Turn PBT Positive

Automotive service provider myTVS expects to close the current financial year with revenues of about ₹2,100 crore and aims to sustain annual growth of 30-40% over the next few years, Managing Director G. Srinivasa Raghavan said. The company has grown at a CAGR of 35-40% in the last four years and is “fairly confident” of maintaining the momentum.

Raghavan said myTVS has turned EBITDA-profitable within five years of its digital platform launch, making it “one of the fastest digital mobility platforms” to achieve this milestone. He added that the company expects to turn profit-before-tax positive in the next few quarters.

The company’s profitability has been driven largely by its service subscription model, Raghavan said. “EBITDA profitability is driven by personal passenger car service subscriptions, which have added in both direct and indirect ways to the ecosystem.”

The company’s fleet business has also begun to grow, especially in the commercial vehicle segment, where myTVS takes over fleet-owned garages and provides 24x7 asset management and parts support. “An average fleet owns between 50 and 250 vehicles. We manage their garage operations round the clock and provide parts at their location. This is now adding to our growth because these dark stores act as very effective,” Raghavan said.

The company now operates over 2,200 service touchpoints, including 1,100+ myTVS multi-brand service centres. It targets 2,500 multi-brand outlets by 2027, which would make it the second-largest service network after Maruti Suzuki.

Raghavan said myTVS is expanding across all service categories, including maintenance, collision repair, roadside assistance, emergency support, claims management, EV servicing and even vehicle valuation. “We are delivering the widest range of services digitally and through the offline world, becoming a single window for a fleet owner or garage owner,” he said.

A major part of this scale-up is driven by its quick commerce strategy for spare parts. Raghavan said the company will cross 100 dark stores by March 2025 and expand to 250 dark stores by next year.

“Our definition of quick commerce is different from other platforms. For us, it is about delivering parts to garages within two to four hours,” he said. Garages can place orders through WhatsApp, phone call, or the myTVS parts app. The company offers a full range of parts–consumption, repair and body. By March 2027, it aims to cover 8,000-10,000 pin codes through this network.

myTVS is also preparing for a global expansion. Raghavan confirmed that the company plans to launch commercial operations in Africa and the Middle East. This will follow its entry in the UAE.

The company reached 10 million active passenger car service subscriptions last month. Raghavan said this reflects the shift toward digital aftermarket services in India. “Around 18-20% of car owners have bought a subscription directly or through our ecosystem partners. That is a significant milestone for a five-year-old platform,” he said.

The myTVS platform today links more than 20 vehicle manufacturers, 100 parts makers, 15 finance companies, 15 insurance firms and 10 last-mile EV startups. All of them use the platform for parts supply, diagnostics, collision repair, claims management and service delivery. “We have services in over 200 towns. By next year, we will reach 600,” Raghavan said.

myTVS is part of TVS Mobility, the $3-billion mobility ecosystem of the T. S. Rajam branch of the TVS family, with businesses in distribution, supply chain, services, tyres and rubber manufacturing.