myTVS Accessories eyes Rs 100 cr turnover in 3 yrs
Car accessories brand myTVS Accessories is planning to expand sales network and portfolio as it aims to double its revenues to around Rs 100 crore over the next three years, a top company official said. The company, which sells over 200 products including infotainment systems, tyre inflators, vacuum cleaners, among others, is looking at 40 per cent increase in its topline in the current fiscal itself.
"We expect our topline to double over the next three years. During this period, we also expect our profits to increase three times," myTVS Accessories Founder and CEO Sunil Dhingra told PTI. The company is looking for tie-ups with tyre companies, increase exclusive sales outlets and start catering to various international markets through its Hong Kong-based subsidiary to achieve its revenue goals, he added.
The firm, which is a joint venture between TVS Group and Jazzmyride.com, reported a turnover of Rs 50 crore in 2018-19. myTVS Accessories also plans to enhance its partnership with spare part sellers and join hands with tyre makers to expand operations.
"We are already selling our products from 300 tyre stores across the country. Further, we are in talks with some of the top tyre companies to sell products from their stores. It should happen in the next three-six months," Dhingra said. Currently, myTVS Accessories has 34 distributors and over 5,000 retailers across the country. It also has around 40 exclusive stores on franchise model.
"We want to scale the number of exclusive stores to 100 over the next 12-15 months. Already 85 per cent of our sales are now happening through the offline route. When we started in 2016-17, 98 per cent of our sales used to happen via online process," Dhingra said. He added that in order to cater to international markets like Middle East and Africa, the company has set up a 100 per cent subsidiary in Hong Kong.
When asked if the company would look at raising capital to fund its future expansion, Dhingra replied in the negative. "We are a zero-debt company, and for now we have required capital to fund future expansion," he noted. The company has tied up with contract manufacturers across India, China, Taiwan and Europe for its range of products.
Sunil and his bother Mukesh Dhingra (COO) founded Jazzmyride.com in 2011 and in 2016, the TVS group invested in the company.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)