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    TVS Motor Company announces investment in Formula 1 driver Narain Karthikeyan’s startup 'DriveX'

    TVS Motor Company announces investment in Formula 1 driver Narain Karthikeyan’s startup 'DriveX'

    TVS Motor Company announces investment in Formula 1 driver Narain Karthikeyan’s startup 'DriveX'
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    By CNBCTV18.com  IST (Published)

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    TVS motor's investment will enable DriveX to further scale up offerings in the pre-owned two- wheel space in India

    TVS Motor Company, one of the leading manufacturers of two-wheelers and three-wheelers globally, announced an investment in Narain Karthikeyan’s start-up “DriveX” (NKars Mobility Millennial Solutions Private Limited), a pre-owned two-wheeler platform, on Wednesday.
    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".
    The company sees a strong potential in the pre-owned two-wheeler market, which is witnessing a structural shift from the unorganized to the organized sector. This investment in DriveX aims to enable creative solutions to spearhead this shift.
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    "DriveX has a 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 ability to deliver on this vision,” Venu added.
    DriveX, founded by India's first Formula 1 ace racing driver Narain Karthikeyan, is a fully integrated model present across the pre-owned two-wheeler vehicle value chain. This comprises all core areas such as acquisition, refurbishing, and selling of multi-brand pre-owned two-wheelers.
    "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,” said Narain Karthikeyan, Founder and CEO of DriveX.
    DriveX, founded in April 2020, began as a two-wheeler subscription platform, offering inexpensive and flexible mobility options, and has since spread to five cities in a short period of time.
    Karthikeyan stated that, “the pre-owned two- wheeler vehicle market is changing rapidly today. DriveX is a digital first business, serving all brands with unique 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," he added.
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