myTVS rolls out mobility-as-a-service platform for last-mile EV fleet player

Digital automotive aftermarket platform myTVS announced the launch of its pan India ‘Mobility-as-a-Service’ (MaaS) platform for last-mile electric vehicle fleet operators. The company claimed that the newly-launched platform will bring in the entire ecosystem partners, including original equipment manufacturers, to provide an extensive range of services under one umbrella for the entire EV fleet life cycle.

G. Srinivasa Raghavan, Managing Director of myTVS said, “The quick commerce companies are exploring electric vehicle fleets to optimise costs and meet their sustainability goals, and myTVS is well-positioned to lead this transition.” He revealed that this platform will be rolled out in the top 12-15 metropolitan cities including Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, Kolkata, etc., followed by tier-II and tier-III markets.

The Chennai-based firm, which is part of the TVS Mobility Group, will also be adding 10,000 electric two-wheelers to its fleet by March next year for this business. It has also partnered with MoEVing, an EV-based logistics firm to start Mobility-as-a-Service (MaaS) to provide end-to-end vehicle management solutions.

"The opportunity window is that 10 lakh vehicles have to be electrified in the next 5 to 10 years in the e-commerce space…but we see an immediate need of having to do at least 10,000 vehicles…by March," Raghavan told reporters in New Delhi. “The 10,000 vehicles will be electric two-wheelers,” he added.

When queried on the investment will be required to add those new vehicles, he said it will be anywhere between Rs 100 crore and Rs 150 crore, which will be made by group firm TVS Vehicle Mobility alone or with its partners. He also revealed that the company has started with the first rollout of 250 vehicles of electric two-wheelers and around 50 light commercial vehicles (LCVs).

Bullish on the new venture, Raghavan said: "We believe that given the quantum of opportunity with more than a million vehicles which has to be electrified in the e-commerce phase in the next 5 to 10 years, we are well positioned to provide a solution which is differentiated, unique and has inherent value to the free to us."

Meanwhile, myTVS is looking to expand its presence to 2,500 outfits, comprising both franchisee and company-owned ones, by 2026. The company has more than a million customers and has set a target of 10 percent market share by 2026

"Our strategy is to come up with at least two service centres a day. We have established 1,000 stores and wish to ramp up the count by two and a half times in two years. With this, we will be one of the largest aftermarket chains in Asia Pacific, except China," said Raghavan.

Last fiscal, the company clocked a topline of Rs 1,800 crore and is aiming to earn around Rs 2,200-2,500 crore during FY 24-25. “In the next three years, EVs will contribute around 30-35 percent of our overall enterprise mobility business and 5-10 percent to our total revenue,” signed off Raghavan.