TVS Motor Company to acquire 48.27% stake in NKars Mobility Millennial Solutions

24 Aug 2022 , 03:06 PM

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 85,41,47,756 to obtain 48.27% 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. Powered by Capital Market – Live News