TVS Motor Company to acquire 4827Percentage stake in NKars Mobility Millennial Solutions

25 Aug 2022 , 04:33 AM

TVS Motor Company today announced investment in Narain Karthikeyans start-up DriveX NKars Mobility Millennial Solutions a pre-owned two-wheeler platform TVS Motor sees a strong potential in the pre-owned two-wheeler market which is witnessing a structural shift from the unorganized to the organized sector The pre-owned two-wheeler market is growing rapidly and has garnered high levels of investor and customer interest in recent years driven by digitization and emergence of start-ups This investment in DriveX is aimed at enabling innovative solutions to lead this transformation Total cost of acquisition shall be Rs 854147756 to obtain 4827Percentage stake in DriveX by way of primary and secondary investment The acquisition is expected to be completed by 30 November 2022 Founded by Indias first Formula 1 ace racing driver Narain Karthikeyan DriveX is a fully integrated model present across the pre-owned two-wheeler vehicle value chain This includes all core areas including procurement refurbishment and retailing of multi-brand pre-owned two-wheelers Incorporated in April 2020 DriveX started off as a two-wheeler subscription platform providing affordable and flexible mobility solutions and has expanded to five cities in a short span of time