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A single application and a plethora of services for passenger cars — that is what myTVS, a brand that operates under Ki Mobility Solutions and is part of the TVS family, is set to bring to customers, in a bid to disrupt the concept of “super apps” in India.
Starting July 15, myTVS will launch its connected car platform or super app called myTVS Life360 for aftermarket passenger cars.
Through it, customers will be able to avail themselves of a range of services like maintenance, diagnostics, roadside assistance, accessories, payments, insurance, and so on.
The application also comes with a personalised travel map for accessing the myTVS network, fuel stations, nearest police stations, and hospitals, making it a complete lifestyle product.
Operating under Ki Mobility Solutions, the country’s first full-stack O-to-O (online-to-offline) digital platform, myTVS runs multi-brand car services.
Ki Mobility is a subsidiary of TVS Automobile Solutions (TVS ASPL).
Says G Srinivasa Raghavan, managing director, Ki Mobility Solutions: “It is a super app for the auto sector, where the customer can get access to the widest range of services and products, from a simple dent removal to complex services.
"These include insurance and insurance-led portfolio, road-side products, travel products, trip insurance, access to performance-boosting products, facilitators like personalised maps with myTVS service station and wallet.”
A three-year subscription to the myTVSLife360 app will cost Rs 4,999, and will be available to customers from July 15.
The super app will be connected to a personalised device provided by myTVS.
At present, myTVS has about 1,000 outlets and is planning to increase this number to 1,700 by March 2023.
It already has a customer base of 2.3 million.
Moreover, myTVS highlights its standardised quality, pricing transparency and 100 per cent certified parts as its positives.
Ki Mobility Solutions is betting big on the booming aftermarket segment.
“Our addressable market in the aftermarket segment is around Rs 63,000 crore, which is expected to reach around Rs 87,000 crore by 2025.
"We are looking to capitalise on this segment, which is largely unorganized,” says Raghavan.
TVS Automobile Solutions was reported to be in talks with used-car platforms like Mahindra First Choice Wheels, Spinny, Cars24, CarWale and CarDekho for strategic tie-ups and to integrate them with the company’s digital platform, Ki Mobility.
“We are now working to tie up with used-car platforms, subscription companies, leasing companies and car rental companies,” he adds, when asked about other tie-ups planned for the super app.
In the case of services and accessories, myTVS has its own portfolio, while it has already tied up with 23 insurance companies for offering differentiated products.
And for its payment platform, myTVS Pay, it has joined hands with fintech partners.
Similar tie-ups have been done with maps as well.
Customers will also be given predictive maintenance tips through the app. Says Raghavan: “The idea behind that is, how do we provide them with AI algorithms, predicting what would be the next repair that the customer should do?
"Once you are a customer, myTVS develops a health record of the vehicle.
"Then we combine the telematic data with the scanning data, based on driving behaviour, and alert the customer as to when the next repair should be.”
myTVS is also working to get electric vehicle (EV) players on the platform.
The company has already tied up with eight EV manufacturing startups and leading original equipment manufacturers (OEMs), including companies like Okinawa and Boom Motors.
Raghavan says that myTVSLife360 will become a mobility platform for EV companies.
Since EVs are already telematics-enabled, it will be easier to connect with the platform and provide personalised services to customers.
The company’s partners in the EV space include four two-wheeler companies, two passenger-car makers and two light commercial vehicles manufacturers, all in the EV sector.
The super app market
A super app is a mobile or web-based application that offers multiple services under a single umbrella, including marketplaces, financial services, online messaging, social media and e-commerce, among other things. Global examples of super apps include Chinese tech major Tencent’s WeChat and Alibaba’s Alipay.
In India, the Tata Group is already making its presence felt with Tata Neu, while Paytm is also aggressively going ahead with its super app.
Mukesh Ambani-led Reliance’s Jio, Adani Digital Labs, Shriram Group’s Shriram One, FMCG major ITC and Mahindra Group are among those who are also moving ahead with their super app plans.
The launch of myTVS Life360 has been in the works for some time.
Last year, it raised about Rs 375 crore from a fund managed by Exor, the holding company of Italy’s Agnelli family.
Exor has invested in such global companies as Ferrari, Fiat, the Economist Group, Chrysler Automobiles, PartnerRe, CNH Industrial, Juventus FC and GEDI Gruppo Editoriale.
Its investment in myTVS was to fund the development of the company’s digital infrastructure and expansion.
Earlier, myTVS had announced that it had raised Rs 85 crore from tech investors led by Pratithi Investment Trust (represented by its trustee, Kris Gopalakrishnan, a co-founder of Infosys) and SeaLink Capital Partners.
The road ahead
Industry experts reckon that myTVS’s sole focus on the automobile sector, without diversifying into other segments, may pose a challenge.
“There will be only one or two super apps standing, so the race will be to become the first.
"A super app needs to be like your toothbrush. You must use it every day, else it won’t reach anywhere.
"So, whatever app is able to create significant value for consumers in the long-term, will survive,” says Rahul Sasi, a cybersecurity expert and founder of CloudSEK, who was part of a Reserve Bank of India panel to examine digital lending.
Another challenge is the membership price — Rs 4,999 for three years.
Most super apps across the globe are free for those wanting to sign up.
Ki Mobility Solutions posted revenues of Rs 1,200 crore in the fiscal year 2021-22, which is expected to climb to Rs 1,800 crore in 2022-23.
The company has set itself the target of roping in 50,000 customers on myTVSLife360 in the first six months.
