Ceat raising stake in online retailer Tyresnmore

Mumbai, India – Ceat Ltd is increasing its shares in the Indian digital tire distribution and fitting service platform Tyresnmore Online, the company has announced.

The tire maker is investing up to INR90 million (€1 million) for an additional 10.89% share in Tyresnmore, said Ceat in a notice to the Mumbai Stock Exchange 8 June.

Once the transaction is completed, Ceat said Tyresnmore shall become a subsidiary of Ceat Ltd with the tire maker owning 56.9% of its shares.

Tyresnmore launched its “doorstep” tire fitment services in 2014 in Delhi and has now expanded the service to major Indian cities, including Delhi, Bangalore, Hyderabad, Pune and Mumbai.

The company has also expanded its offerings to doorstep replacement of batteries in addition to tire fitting.

In the 12 months to end of March, the privately owned Tyresnmore delivered sales INR142.5 million, up from INR102 million the year before, Ceat said.