The aftermarket segment in India has headroom to grow. Valued at Rs.74,203 crore in FY22, it registered a 15 per cent growth over FY21. In the first half of FY23 (H1 FY23) the growth momentum continues. At Rs.42,006 crore, the aftermarket grew eight per cent over H1-FY22. Led by two-wheelers, the aftermarket caters to an entire spectrum of customer requirements across maintenance, repairs and accessories. Typically a walk-in market, in the age of digitisation, the attempt is to establish a connection between the seller and the service provider including the largely unorganised pool and the end-user with assurance of door-to-door service.
Amongst the new age companies, Mumbai-based KwikFix is also seeking to tap into the headroom for growth. The aggregate company is claimed to have heavily invested in technology to deliver a seamless and intuitive automotive experience. According to Manshi Modi-Chandarana, Cofounder and Chief Financial Officer, KwikFix Auto, “We live in a space where everything is available on the phone. We go to any kind of e-commerce website, every product is available. Automotive are probably amongst the only industry lagging.” To solve this problem, the company as per Manshi is offering a one-stop shop where customers can connect with the aftermarket stakeholders including mechanics and technicians from different geographies. “The idea was to connect these two ends of the spectrum and make it simpler for the parties involved,” she stated.
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