Friday, Dec 2 2022 | Time 17:36 Hrs(IST)
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Business Economy


Castrol ties up with ki Mobility Solutions

Mumbai , Nov 25 (UNI) Castrol India Ltd (CIL), one of India’s most valued lubricant players, and Ki Mobility Solutions Pvt Ltd (KMS), a leading Indian player in the automobile aftermarket business, have announced a collaboration to leverage each other’s strengths and expand the country’s automotive aftermarket ecosystem via ‘myTVS’, KMS’s digitally integrated multi-brand service platform for two- and four-wheelers.
CIL will acquire a 7.09 per cent stake in KMS with a planned investment of up to Rs 487.5 crores, marking CIL’s largest all-cash deal till date.
With this strategic investment, CIL 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.
Vehicle owners will benefit from this strategic alliance through easy access to differentiated, digitally enabled service and maintenance offered by the 'myTVS' platform whose reach includes three million customers across 1,000 garages in India.
'myTVS’ online-to-offline digital platform already offers quality, standardized and cost-effective services and parts to B2B and B2C customers through its owned outlets, franchise network, at home services and road-side assistance.

Sharing details about the collaboration, Sandeep Sangwan, Managing Director, CIL, 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.''

Cheering the announcement, G. Srinivasa Raghavan, Managing Director, ki Mobility Solutions, said: ''This investment by CIL 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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