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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.
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.
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