New Delhi: Two-wheeler manufacturer, TVS Motors, on Wednesday announced its investment in Narain Karthikeyan’s start-up “DriveX” (NKars Mobility Millennial Solutions Private Limited), a pre-owned two-wheeler platform. With the auto industry seeing an upward growth in the recent month, TVS says it sees a strong potential in the pre-owned two-wheeler market.
Narain Karthikeyan, India’s first Formula 1 racing driver, incorporated the company in April 2020. While DriveX started off as a two-wheeler subscription platform, providing affordable and flexible mobility solutions, it has since expanded to five cities in a short span of time.
Sudarshan Venu, MD, TVS Motor Company, stated that the pre-owned two-wheeler market in India remains untapped. He believes that such collaboration will be able to scale up the demand of pre-owned vehicles.
“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 such a 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,” Sudarshan Venu has said.
The two-wheeler manufacturer has said in their official statement that 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.
Meanwhile, Narain Karthikeyan, Founder and CEO of DriveX, also expressed his hopes with the pre-owned two-wheeler market in India, and said, “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.”