India’s main two-wheeler TVS Motor Company is poised to enter the country’s largely unorganized used bike market.
The company announced an investment in Narain Karthikeyan’s start-up “DriveX” (NKars Mobility Millennial Solutions Private Limited), a used two-wheeler platform.
Announcing the investment, TVS Motor Company Managing Director Sudarshan Venu said: “The used two-wheeler market today is largely unorganized. It’s great to see what DriveX has been able to create and deliver in a short amount of time. Narain and his team have built a unique platform that can be scaled quickly.
“DriveX has a vision to bring about change in this segment by building trust, confidence and transparency through comprehensive, high-quality products and customer experience through innovative solutions. We are confident DriveX can realize this vision, ”added Venu.
Founded by India’s first Formula 1 racing driver Narain Karthikeyan, DriveX is a fully integrated model that is present throughout the value chain of used two-wheelers. This covers all key areas including sourcing, refurbishment and retailing of used multi-brand two-wheelers. Founded in April 2020, DriveX started as a two-wheeled subscription platform providing affordable and flexible mobility solutions, and quickly expanded to five cities.
Speaking on the occasion, Karthikeyan said: “The market for used two-wheelers is changing very fast today. DriveX is the first digital company serving all brands with unique analytical capabilities in value chains. We are also successfully introducing new business models, including subscription ones in the used two-wheeler segment. In the coming years, DriveX will seek to expand its presence in India and then elsewhere.
“With this investment, TVS Motor Company is confident that we will extend DriveX’s vision and deliver a two-wheeled business that will exceed customer expectations,” he said.