New Delhi: TVS Automobile Solutions, a part of Chennai-based TVS Group, on Thursday said it has made substantial investments in three start-ups as part of its digital initiatives to provide business solutions to vehicle and component manufacturers.
The company, which has so far invested Rs 75 crore in various technology start-ups, expects the new businesses to generate revenues to the tune of Rs 250 crore in the next three years.
TVS Automobile Solutions (TVS ASL) said it has made investments in JAZZMYRIDE.com, an e-commerce player in the auto aftermarket dealing with parts and accessories for passenger vehicles, two wheelers and commercial vehicles.
It has also invested in AUTOSENSE, a technology and analytics based customer management services and REDSUN, a start-up in Internet of Things space working on business solutions like connected cars in addressing, safety, convenience and integrated service for customers.
"We have invested about Rs 75 crore in tech start-ups as they bring in emerging tech solutions, TVS ASL will help them with domain, scale and profitability. We expect these businesses to generate revenue of Rs 250 crore in the next 3 years," TVS ASL executive director G Srinivasa Raghavan said.
Digital technologies help in enabling transparency in supply chain, visibility of consumption and therefore help them customise products and services towards market needs, he added.
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, TVSASL 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 & 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.