QUARTERLY MAGAZINE February 2024 Vol 15
QUARTERLY MAGAZINE February 2024 Vol 15
Corporate report
The acquisition of TyresNMore by CEAT in August 2023 was a landmark deal in the auto aftermarket e-commerce sector, which is expected to grow at a compound annual growth rate (CAGR) of 15% by 2025. TyresNMore, the country’s leading e-commerce platform specialising in aftersales automotive solutions will continue to provide top-notch service right at the customers’ doorstep.
TyresNMore has revolutionised the automotive industry by offering end-to-end solutions, from product discovery to doorstep fitment for both four-wheelers and two-wheelers. With a strong presence in key cities such as Delhi-NCR, Mumbai, Hyderabad, Bengaluru, Pune, and Chennai, TyresNMore addresses critical pain points in the offline tyre replacement market. These include transparent pricing, product availability, consistent quality, and a convenient process, all facilitated through fully equipped mobile units and trained personnel.
Anant Goenka, Vice Chairman, RPG Group, said, “TyresNMore has demonstrated remarkable growth and innovation in the auto aftermarket e-commerce sector, which is poised for rapid expansion in India. We are impressed by the company’s customer-centric approach, operational excellence, and technological capabilities. We are confident that TyresNMore will continue to lead the way in transforming the auto aftermarket experience for Indian consumers.”
Arnab Banerjee, CEO & MD, CEAT, shared, “We at CEAT, are at the helm of this exciting phase of expansion and innovation. Our strategic acquisition of TyresNMore aligns seamlessly with our vision to provide cutting-edge solutions to the evolving needs of the automotive market. With this integration, we look forward to setting new standards, enhancing accessibility, and delivering exceptional value to our customers across the nation.”
Post-pandemic, TyresNMore has demonstrated an impressive year-on-year growth of about 50%, with a significant focus on the business-to-consumer (B2C) segment, contributing to a notable 150 basis points increase in margins. The company has successfully fitted over 150,000 tyres at doorsteps, catering to more than 75,000 individual retail customers and 25,000 enterprise vehicles. The platform has witnessed a remarkable fivefold surge in website traffic, attracting over 500,000 monthly unique visitors.
Rajeshwar Wadhera, CEO of TyresNMore, said, “The acquisition by CEAT is not just a validation of our efforts, but also an opportunity for us to leverage their extensive resources and expertise. We can now shift our focus towards accelerating our ambition — to become India’s premier automotive aftercare e-retailer. We are confident that this strategic alliance will help us consolidate our market leadership and deliver superior value to our customers at their convenience.”
By joining hands with CEAT, TyresNMore will be able to leverage the company’s vast experience, network, and resources to further scale its operations and reach new markets.
