Now Reading
TVS Motor picks 48.27 per cent stake in Coimbatore based Narain Karthikeyan’s DriveX

TVS Motor picks 48.27 per cent stake in Coimbatore based Narain Karthikeyan’s DriveX

TVS Motor picks up stake in Drivex

TVS Motor Company announced that it has acquired 48.27 per cent stake in Formula 1 Driver Narain Karthikeyan’s start-up ‘DriveX’ for a consideration of ₹85.41 crore. The company has acquired the stake in Nkars Mobility Millennial Solutions Private Ltd, which operates the brand ‘DriveX’.

DriveX is engaged in leasing of two-wheeler motorcycles and scooters and selling, trading, and distributing of pre-owned two-wheeler motorcycles and scooters. Incorporated in April 2020, DriveX has expanded to five cities.

“The pre-owned two-wheeler market is largely unorganised today. It is delightful to see what DriveX has been able to create and deliver in such a short time. Narain and his team have built a unique platform that can scale up quickly,” Sudarshan Venu, Managing Director, TVS Motor Company, said, in a press release.

Nkars Mobility registered a turnover of ₹47.98 lakh in FY21 and ₹8.68 crore in FY22.

See Also
msd

Narain Karthikeyan, Founder and CEO of DriveX, said the pre-owned two-wheeler platform 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,” Karthikeyan added.

What's Your Reaction?
Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0
© 2022 YOURCOIMBATORE. ALL RIGHTS RESERVED.
Scroll To Top