TVS Motors Company recently made an announcement to invest in Narin Karthyan’s Start-up “DriveX” (NKars Mobility Millennial Solutions Private Limited) which is a pre-owned two-wheeler platform. As the pre-owned vehicle market is growing rapidly, the company looks at the strong potential in the pre-owned two-wheeler market that is experiencing a structural shift. The interest of customers is also increasing with a boost in investment in this sector. The company also mentions that this change is driven by digitization and the emergence of start-ups.
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TVS aims to innovate solutions and lead the transformation through this investment. The DriveX is founded by Narain Karthikeyan who is India’s first Formula 1 ace racing driver. The fully integrated model of DriveX serves in the pre-owned two-wheeler chain with a presence in important parts of the chain including procurement, refurbishment, and retailing of multi-brand pre-owned two-wheelers. DriveX was founded in April 2020 as a two-wheeler subscription platform and provided affordable and flexible mobility solutions. Currently, DriveX has expanded to five cities throughout the country.
Narain Karthikeyan, Founder, and CEO of DriveX, commented, “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. 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.”
Sudarshan Venu, Managing Director, TVS Motor Company, added, “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. 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.”