TVS Announces Investment In Ex-F1 Driver Narain Karthikeyan’s Start-Up ‘DriveX’

TVS Motor Company has announced an investment in Narain Karthikeyan’s start-up ‘DriveX’, a pre-owned two-wheeler platform. TVS acquired a 48 per cent stake from NKars Mobility Millennial Solutions Private Limited for a sum of ₹85 crore. The Indian two- and three-wheeler manufacturer stated that it sees a strong potential in the pre-owned two-wheeler market, which is witnessing a structural shift from the unorganized to the organized sector.

DriveX was founded by India’s first Formula 1 racing driver Narain Karthikeyan, and was formed in April 2020. It started off as a two-wheeler subscription platform, and has since expanded to five cities. Now, DriveX procures used two-wheelers, refurbishes them, before offering them two customers.

Announcing the investment, Sudarshan Venu, Managing Director, TVS Motor Company, said, “The pre-owned two-wheeler market is largely unorganized today. It is delightful to see what DriveX has been able to create and deliver in short time. Narain and his team have built a unique platform that can scale up quickly.”

Speaking on TVS’ investment, Narain Karthikeyan, Founder and CEO of DriveX said, “With this investment from TVS Motor Company, we are confident of expanding the DriveX vision, and delivering a pre-owned two-wheeler business that exceeds customer expectations.”

In the recent years, the used car and used two-wheeler market has been booming, and this has only been aided by the pandemic, as many people started to invest in a vehicle of their own for better physical safety than public transport. Startups like DriveX aim to channel the process of buying and selling used vehicles, which enables good value for both the buyers as well as the sellers.