The company, in a statement, said that it sees a strong potential in the pre-owned two-wheeler market, which is witnessing a structural shift from the unorganised to the organised sector.
Home-grown two- and three-wheeler manufacturer TVS Motor Company has announced investment in Narain Karthikeyan’s start-up “DriveX” (NKars Mobility Millennial Solutions), a pre-owned two-wheeler platform.
The pre-owned two-wheeler market is growing rapidly and has garnered high levels of investor and customer interest in recent years, driven by digitisation and emergence of start-ups.
The company, in a statement, said that it sees a strong potential in the pre-owned two-wheeler market, which is witnessing a structural shift from the unorganised to the organised sector. NMMS operates a digital platform ‘DriveX’ which provides two-wheelers to customers on a subscription model for a flexible tenure and on a purchase model, along with certain ancillary services.
Founded by India’s first Formula 1 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.
DriveX started off as a two-wheeler subscription platform in April 2020, providing flexible mobility solutions and has expanded to five cities so far.
Narain Karthikeyan, Founder and CEO, DriveX said, “The pre-owned two wheeler vehicle market is changing rapidly today. DriveX is a digital first business, serving all brands with analytics-led capabilities across the value chains. 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.”
Sudarshan Venu, Managing Director, TVS Motor Company, said, “The pre-owned two-wheeler market is largely unorganised today. Narain and his team have built a platform that can scale up quickly.”
The pre-owned two-wheeler market in the country has witnessed a robust growth over the period of five years between FY 2015 and FY 2021 and it continues to rise.