TVS Motor Company acquires 48.27% stake in Narain Karthikeyan's -DriveXâ€

25 Aug 2022 , 09:16 AM

TVS Motor Company, one of the world’s top manufacturers of two-wheelers and three-wheelers, announced an investment in Narain Karthikeyan’s pre-owned two-wheeler platform “DriveX” (NKars Mobility Millennial Solutions Private Limited).

TVS Motor sees a lot of opportunity in the pre-owned two-wheeler industry, which is transitioning from an unorganized to an organized sector.

The pre-owned two-wheeler sector is quickly expanding and has attracted significant investor and customer interest in recent years, thanks to digitalization and the advent of start-ups. DriveX’s funding aims to enable creative solutions to spearhead this shift.

DriveX is a completely integrated model present across the pre-owned two-wheeler vehicle value chain, founded by India’s first Formula 1 ace racing driver Narain Karthikeyan. This comprises all essential aspects such as acquisition, refurbishing, and selling of multi-brand used two-wheelers.

“Today’s second-hand two-wheeler market is mostly disorganized. It’s amazing to see what DriveX has been able to produce and deliver in such a short period of time. Narain and his colleagues have created a one-of-a-kind platform that can grow swiftly,” commented Sudarshan Venu, Managing Director, TVS Motor Company.

DriveX, founded in April 2020, began as a two-wheeler subscription platform, offering inexpensive and flexible mobility options, and has since expanded its presence to five cities in a short period of time.

At around 9.19 AM, TVS Motor Company was trading at Rs963.75 up by 0.55% from its previous closing of Rs958.45 on the BSE.

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