Recently, TVS Motor Company announced an investment in Narain Karthikeyan’s start-up “DriveX” (NKars Mobility Millennial Solutions Private Limited), a pre-owned two-wheeler platform. 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 the 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.
Speaking on the occasion, Narain Karthikeyan, Founder and CEO of DriveX said, “We have also been successful at launching new business models, including the subscription model in the pre-owned two-wheeler segment. 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.”
Announcing the investment, Sudarshan Venu, Managing Director, TVS Motor Company, said, “Narain and his team have built a unique platform that can scale up quickly. DriveX has the vision to bring a change in this segment by building trust, assurance, and transparency through end-to-end, high-quality products and customer experience through innovative solutions. We are confident of DriveX’s ability to deliver on this vision.”