TVS Motors

TVS Motor Company, one of the leading manufacturers of two-wheelers and three-wheelers globally, today announced investment in Narain Karthikeyan’s start-up “DriveX” (NKars Mobility Millennial Solutions Private Limited), 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 unorganized to the organized sector. 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 emergence of start-ups. This investment in DriveX is aimed at enabling innovative solutions to lead this transformation.

Total cost of acquisition shall be INR 85,41,47,756 to obtain 48.27% stake in NMMSPL by way of primary and secondary investments.

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.

TVS Motor Company announces investment in Formula 1 Driver Narain Karthikeyan’s start-up “DriveX”

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