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TVS Motor Company today announced investment in Narain Karthikeyan's start-up “DriveX” (NKars Mobility Millennial Solutions), a pre-owned two-wheeler platform. 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. The pre-owned two-wheeler market is growing rapidly and has garnered high levels of investor and customer interest in recent years, driven by digitization and emergence of start-ups. This investment in DriveX is aimed at enabling innovative solutions to
lead this transformation.
Total cost of acquisition shall be Rs 85,41,47,756 to obtain 48.27% stake in DriveX by way of primary and secondary investment. The acquisition is expected to be completed by 30 November 2022.
Founded by India's first Formula 1 ace 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. Incorporated in April 2020, DriveX started off as a two-wheeler subscription platform, providing affordable and flexible mobility solutions and has expanded to five cities in a short span of time.
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