Narain Karthikeyan’s start-up Drive X to receive funding from TVS Motor
- ByStartupStory | August 25, 2022
TVS Motor Company, a domestic two- and three-wheeler manufacturer, has announced an investment in Narain Karthikeyan’s start-up “DriveX” (NKars Mobility Millennial Solutions), a pre-owned two-wheeler platform. The pre-owned two-wheeler sector is quickly expanding and has attracted significant investor and customer interest in recent years, mainly due to digitalization and the advent of start-ups.
In a statement, the company stated that it sees significant opportunity in the pre-owned two-wheeler market, which is transitioning from an unorganised to an organised sector. NMMS maintains a digital platform called ‘DriveX,’ which offers two-wheelers to users on a subscription or purchase basis, as well as various supplementary services.
DriveX is a completely integrated model present across the pre-owned two-wheeler vehicle value chain, founded by India’s first Formula 1 racing driver Narain Karthikeyan. This comprises all essential aspects such as acquisition, refurbishment, and retailing of multi-brand used two-wheelers. DriveX began as a two-wheeler subscription platform in April 2020, offering flexible mobility solutions, and has since expanded to five cities.
Narain Karthikeyan, Founder and CEO of DriveX, said, “The pre-owned two-wheeler vehicle business is evolving rapidly nowadays. DriveX is a digital-first company that provides analytics-led capabilities across the value chain to all brands. DriveX plans to expand its presence across India in the next few years, followed by other geographies in due course. With TVS Motor Company’s investment, we are optimistic in growing the DriveX vision and providing a pre-owned two-wheeler business.”
Sudarshan Venu, Managing Director of TVS Motor Company, stated, “The pre-owned two-wheeler sector is mainly unorganised today. Narain and his team have created a platform that is easily scalable.”
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