Ki Mobility Solutions, a leading player in the automotive aftermarket space, says its myTVS PartSmart platform, which is focused on auto parts distribution, set to become a pan-India brand by March 2024 with digitally-connected 1,000 stores across 18 States.

“In terms of its spread, Partsmart has 600 stores and we expect this number to reach 1,000 stores by March 2024 and thereby becoming the largest aftermarket chain in this part of the world. Except in China, there is no entity with this kind of network in Asia Pacific region,” G Srinivasa Raghavan, Managing Director, Ki Mobility Solutions.

The company has two key divisions — vehicle service business is under myTVS and parts distribution business is under myTVS Partsmart. MyTVS network comprises 1,000 parts retailers and about 23,000 garages (to reach 35,000 by March 2024) across the country.

MyTVS PartSmart is a destination app, which a garage, retailer or a fleet owner uses to buy parts for cars, commercial vehicles and two wheelers. This app is backed by a digital catalogue that is seamlessly integrated with its supply chain.

Also read: Auto component sector to grow by 5-8% in FY’24 on increased domestic demand

In India, there is no catalogue or published data available in this space. Ki Mobility has worked over five years to develop the Indian parts catalogue for all models across vehicle categories. This is available in 13 languages. Also, customers could get the parts delivered in 24 or 48 hours depending on their location as this is backed by more than 400 fulfillment centres.

Aftermarket supply chain

For the manufacturers, the digital app has brought complete transparency as they would know where the parts are sold and take up localised promotions and campaigns to drive volumes. Until recently, companies knew only what the distributors said. Now, the manufacturers know what parts the garages buy.

Thus, in the last three years, the Partsmart platform has disrupted the aftermarket supply chain by transforming the earlier 5 or 6-layered opaque inefficient space into a 3-layer structure - manufacturers, myTVS Partsmart and the consumption segment (garages, retailers and fleet owners).

“As a result, MyTVS PartSmart has not only become the largest digital platform in the auto aftermarket parts space, but also the largest aftermarket intermediary in India,” said Raghavan.

Also read: Domestic automobile industry scaling up efforts to enhance localisation of electric components

By being on the Partsmart platform, about 1,000 entrepreneurs among the retailer community and about 35,000 garages could look forward to technology of the future, manage their business profitability and get continuous upgrade of skills – either parts or vehicle knowledge.

On the other side, auto parts makers are looking at myTVS Partsmart as an extended arm of their aftermarket business. A slew of component makers have tied up with Partsmart for aftermarket service instead of managing on their own.For eg, leading global auto parts maker Delphi has shut down their aftermarket business and moved it to myTVS PartSmart platform.

“We have seen a lot of synergies in this partnership with Partsmart. The key factor is their vast network in the auto aftermarket space. Delphi cannot afford to build such a business in a country like India. This partnership, which we entered two years ago, helped us double our revenue in this space to $6 million and we hope to achieve revenue of $15 million by 2027,” Liu Ningjun, Vice-President, APAC – Delphi, based in Shanghai, said over a video conference interaction.

There are about 85 parts manufacturers on the myTVS Partsmart platform – some companies put their catalogue on the app and some have strategic partnerships for demand creation through the app, while a few others like Delphi want the platform to manage their aftermarket business.

Ki Mobility expects its Partsmart business to achieve EBITDA positive in this fiscal. The revenue of Partsmart business is expected to touch ₹1,000 crore in FY24. Overall, myTVS revenue (including service and parts businesses) is expected to reach in the range of ₹2,200-2,300 crore by FY24 — up from about ₹1,500 crore in FY23, said Raghavan.

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