CHENNAI: TVS Motor Company on Wednesday announced investment in Narain Karthikeyan’s 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 unorganised to the organised sector. This segment is growing rapidly and has garnered high levels of investor and customer interest in recent years, driven by digitisation and emergence of start-ups. This investment in DriveX is aimed at enabling innovative solutions to lead this transformation.
Founded by India’s 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.
Karthikeyan, founder-CEO, DriveX 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."