New Delhi : TVS Automobile Solutions, part of TVS Group, today said it has made substantial investments in three startups as part of its digital initiatives to provide business solutions to vehicle and component manufacturers. The plan also marks the Chennai-based leading aftermarket player’s big leap into digital technology space.
The company, which took a bold step in the TVS Group by going for private equity infusion about eight years ago, has invested about 75 crore to pick up majority stake in three start-ups, Jazzmyride.com, a 20-crore e-commerce player in auto parts and accessories business; Autosense, a big data and analytics-based marketing services firm; and RedSun, which is focused on developing solutions such as connected cars.
The company, which has so far invested Rs 75 crore in various technology startups expects the new businesses to generate revenues to the tune of Rs 250 crore in the next three years. "We have invested about Rs 75 crore in tech startups 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.