Q] In 2021, we saw the TVS Ntorq 125 SuperSquad edition get Spider-Man and Thor decals, which character have you picked for TVS Raider this time with Spider-Man’s release?
Our association with Marvel is now about six to seven years old. We’ve worked together on both the Ntorq and Raider brands and have sold nearly half a million vehicles under this collaboration. This time, it is special because it’s the first time an automotive OEM is part of the pre-marketing launch of an MCU IP. We are working with Doctor Doom. With the return of Victor Von Doom, the character is introduced in the end-credit sequence of the latest Spider-Man movie. Alongside that, we have unveiled the Doctor Doom edition of the Raider under our Super Squad series. The edition will eventually extend to Ntorq as well. Marvel has been building this character for nearly two years, and this will be the first time audiences see him in the MCU end credits. Even before that film reaches the theatres, the Raider Doctor Doom edition will be available in the market, starting next month. That reflects the degree of collaboration between us.
Q] Who is the target audience for this?
For Raider, which targets a young audience, Marvel is a natural fit. What makes Marvel unique is that its superheroes aren’t just larger-than-life characters; they deal with real-world issues, giving them much wider appeal. I’ve grown up with Marvel, and so has the next generation. For e.g., my 18-year-old daughter has her own favourites. We may not agree on the characters, but we both connect with the franchise. That broad appeal, combined with Raider’s youthful positioning, makes the partnership work. Raider celebrates being adventurous and choosing a different path, what we call the ‘wicked way’ of the world. It’s unconventional, but just right.
Q] Do you typically launch these special edition two wheelers alongside every Marvel film?
Not always. Marvel’s movie cadence and our product development cycle don’t necessarily align. This time we managed to synchronise them, which we’re very happy about. Usually, if there’s an Avengers movie in a given year, we launch an Avengers-themed vehicle during that period. But integrating launches this closely has taken time and coordination.
Q] Which Marvel characters have worked best on your vehicles over the years?
Interestingly, while Spider-Man enjoys enormous popularity as a character, we found Black Panther and Thor translated especially well onto the vehicles. Thor’s lightning-inspired design language and Black Panther’s vibranium theme create very distinctive-looking products. That said, the difference isn’t dramatic, perhaps around 10-20%. Every character has a loyal fan base, and many customers specifically come looking for Spider-Man editions.
Q] Since launching these themed vehicles, are you seeing growing consumer demand year after year with a new launch?
Absolutely. Earlier, only one brand offered these editions. Today, both Ntorq and Raider do, so the overall numbers have grown. Within Ntorq these themed editions contribute roughly 16-20% during certain periods. Raider’s contribution is similar, though slightly lower because the market dynamics differ. The important point is that consumer interest in differentiated products continues to grow. Marvel isn’t the only theme we offer. Ntorq also has race-oriented variants with features like Boost Mode, while other variants focus on technology. Each one appeals to a different customer segment. We’ve identified distinct niches—technology enthusiasts, racing enthusiasts and consumers who want self-expression-- and we cater to each through dedicated variants. So yes, themed variants as a category are growing. Marvel continues to hold its own remarkably well. We’ve been in the market since 2020, and for an automotive concept to remain relevant for six years is a significant achievement. The fact that it has expanded across two brands shows the strength of the platform.
Q] Tell us about the features of the new TVS Raider Doctor Doom edition
Raider essentially created the sporty 125cc motorcycle category. It delivers quick acceleration and excellent manoeuvrability in traffic while offering a balance between performance and fuel efficiency. For young riders, that’s the sweet spot. You get stronger acceleration than regular commuter motorcycles while maintaining acceptable running costs. Raider combines that performance with expressive styling, making it much more than just another commuter bike. Before Raider, the market largely consisted of macho, brute-performance motorcycles on one side and conservative commuter bikes on the other. Raider introduced something different—sporty, fun and youthful. It doesn’t claim to be a race bike. Instead, it makes every day riding enjoyable. It gives riders a chance to choose something that’s different from the mundane, and that’s exactly what Raider stands for.
Q] How are you marketing it?
Raider has always been a digitally driven brand. For nearly the first 18 months, it existed entirely as a digital-first brand. As we expanded, we added more traditional media to reach wider audiences. Going forward, digital will again be the primary platform. Alongside that, we’ll organise experiential events in key markets to create memorable brand experiences and conversations around the product.
Q] So, there won’t be a traditional TV campaign?
We’ll create digital assets around the launch, but not a conventional television commercial. Since the movie itself is a major event, we’ll leverage that momentum through digital rather than traditional TV advertising.
Q] Let me zoom out to TVS as a whole. Despite the West Asia crisis increasing input costs, you’ve reported a fantastic Q1 with net profit up 51% and have outpaced overall market growth. What helped TVS perform so strongly?
Fundamentally, wherever we operate, whether in India or overseas, we don’t build products first and then look for customers. We begin by understanding consumer needs, then design, develop and manufacture products around those needs. That’s why, despite being a relatively younger player, we’ve built one of the broadest portfolios across markets. The other key strength is our long-term investment in indigenous R&D and world-class global technology centres. Those capabilities enable us to create differentiated products. External events like the West Asia crisis certainly create headwinds for the industry. But TVS has a diversified portfolio across multiple segments and geographies. Some parts of the business may be affected, while others continue to perform well. That diversity gives us resilience. We’ve spread our roots across markets and categories, allowing us to maintain better-than-industry growth even in a volatile environment.
Q] Which segments or markets are shining for TVS right now?
India continues to be a strong growth market. Since GST reduction, we’ve seen a significant improvement in industry momentum. Two-wheeler penetration still has considerable headroom, and demand remains healthy across motorcycles, scooters and EVs. There is substantial scope for further growth.
Q] In an earlier interview, you had said FY26 could resemble the peak years of 2018-19 for the two-wheeler industry. What is your outlook for the coming year?
I can’t comment on the outlook beyond what we’ve already shared. What I can say is that the first half has clearly delivered a level of sustained double-digit industry growth that we haven’t seen for quite some time. That creates positive momentum across the entire ecosystem; not just for manufacturers, but also for dealers, service partners, suppliers and distributors. A significant part of this momentum has come from the market formalisation that followed GST cut for two wheelers last year. It has brought greater buoyancy to the industry, and we hope that continues.
Q] There’s also the debate around effectiveness of ethanol blending in petrol. Are consumers moving away from conventional petrol two-wheelers towards electric vehicles owing to that?
I don’t think consumers approach the decision that way. They first look at their own use case—how far they commute, where they live, how often they travel long distances and what kind of riding they do. An EV has a higher upfront cost but lower running costs. Whether it makes sense depends entirely on the individual’s requirements. Someone who regularly rides long distances may make a different choice from someone whose daily commute is within the city. I’ve consistently maintained that this won’t be a transition from one fuel to another. It won’t be petrol or EV, it will be petrol and EV, alongside CNG and other technologies. We’re moving towards a multi-fuel ecosystem where different powertrains coexist. Ultimately, consumers won’t make the choice emotionally. They’ll choose the technology that best suits their usage. Every fuel type has its own advantages, costs and trade-offs. We’re already seeing this in commercial vehicles, where CNG, diesel, petrol and electric coexist successfully. The same pattern will increasingly emerge in the consumer market. It will be a vibrant ecosystem with multiple options rather than one technology replacing another.
Q] What percentage of TVS sales come from EVs today?
I won’t get into the percentage, but we are very happy to be the number one player in electric two-wheelers. Overall, we’re the third-largest two-wheeler manufacturer after Hero and Honda. In scooters, we’re at number two. We’ve traditionally had a strong scooter portfolio, and we’ve now complemented that with an equally strong, if not stronger, EV scooter portfolio.
PROFILE
Aniruddha Haldar has been with TVS Motor Company since 2011, driving growth across business verticals. As Senior Vice President — Head Commuter & EV Business and Head Corporate Brand & Media, he leads the commuter motorcycle and scooter businesses, marketing shared services and the TVS Corporate Brand. He also spearheads the company’s Future Mobility business, accelerating EV adoption through technology, ecosystems, digitalisation and sustainability. Under his leadership, the EV business has expanded through offerings such as TVS iQube and partnerships with Swiggy, Amazon, CESL and Tata Power. Previously, Haldar held leadership roles at Arvind Brands, Gillette and Mahindra Group. An IIM Calcutta alumnus, he has led award-winning campaigns and served on India and APAC juries across creative, digital, media and experiential.
ABOUT THE BRAND
TVS Motor Company, part of TVS VENU, is a manufacturer of two- and three-wheelers, driving sustainable mobility through four facilities in India and Indonesia. Built on a 100-year legacy of trust, value and customer focus, the company develops high-quality, acclaimed products through innovative, sustainable processes. TVS Motor is the only two-wheeler company to have won Deming Prize. Its products lead categories in JD Power IQS and APEAL surveys, while the company has ranked No 1 in Customer Service Satisfaction for four consecutive years. Its UK-based group company, Norton Motorcycles, is among the world’s iconic motorcycle brands.
