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DriveX is a pre-owned two-wheeler startup owned by Narain Karthikeyan, India’s first sportsperson to take part in Formula 1 motorsport.
Narain Karthikeyan founded DriveX, a pre-owned two-wheeler startup, and TVS Motor will acquire nearly half of it. On Wednesday, the two-wheeler manufacturer announced its decision to purchase a 48% stake in the startup for Rs 85 crore. NKars Mobility Millennial Solutions Pvt Ltd (NMMSPL), which operates under the brand DriveX, sold its stake to TVS Motor.
Narain Karthikeyan, India’s first Formula One driver, founded DriveX to rent out two-wheeler motorcycles and scooters. The company also sells, trades, and distributes pre-owned two-wheeler motorcycles and scooters. DriveX reported a turnover of around 9 crore in fiscal year 2021-22. (Phentermine)
Karthikeyan said DriveX is a digital first business, serving all brands with analytics-led capabilities across the value chains. “We have also been successful at launching new business models, including the subscription model in the pre-owned two-wheeler segment. In the coming years, DriveX will aim to strengthen its presence across India, followed by other geographies in due course,” he added.
Sudarshan Venu, Managing Director at TVS Motor Company, hopes DriveX will be able to deliver high customer satisfaction when it comes to pre-owned two-wheelers. He said, “DriveX has a vision to bring a change in this segment by building trust, assurance, and transparency through end-to-end, high-quality products and customer experience through innovative solutions.”
TVS Motor, which is one of India’s top two-wheeler manufacturers, builds and sells motorcycles and scooters, including electric vehicles, besides three-wheeler commercial units too. The Indian auto giant has four manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. It also owns the UK-based Norton Motorcycles. The company exports its two-wheelers to 80 countries.
TVS Motor will be able acquire its stake in the DriveX by end of November this year when the acquisition process is expected to completed.
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