Chennai, Tamil Nadu, India:
TVS Motor Company, one of many main producers of two-wheelers and three-wheelers globally, immediately introduced an funding in Narain Karthikeyan’s start-up “DriveX” (NKars Mobility Millennial Solutions Private Limited), a pre-owned two-wheeler platform. TVS Motor sees a robust 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 rising quickly and has garnered excessive ranges of investor and buyer curiosity in latest years, pushed by digitization and emergence of start-ups. This funding in DriveX is geared toward enabling progressive options to guide this transformation.
Founded by India’s first Formula 1 racing driver Narain Karthikeyan, DriveX is a totally built-in mannequin current throughout the pre-owned two-wheeler automobile worth chain. This contains all core areas together with procurement, refurbishment, and retailing of multi-brand pre-owned two-wheelers. Incorporated in April 2020, DriveX began off as a two-wheeler subscription platform, offering inexpensive and versatile mobility options and has expanded to 5 cities in a brief span of time.
Speaking on the event, Narain Karthikeyan, Founder and CEO of DriveX mentioned, “The pre-owned two-wheeler vehicle market is changing rapidly today. 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. With this investment from TVS Motor Company, we are confident of expanding the DriveX vision, and delivering a pre-owned two-wheeler business that exceeds customer expectations.”
Announcing the funding, Sudarshan Venu, Managing Director, TVS Motor Company, mentioned, “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 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.”
TVS Motor Company is a reputed two and three-wheeler producer globally, championing progress via Sustainable Mobility with 4 state-of-the-art manufacturing services in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. Rooted in our 100-year legacy of Trust, Value, and Passion for Customers and Exactness, we take satisfaction in making internationally aspirational merchandise of the very best high quality via progressive and sustainable processes. We are the one two-wheeler firm to have acquired the distinguished Deming Prize. Our merchandise lead in their respective classes in the J.D. Power IQS and APEAL surveys. We have been ranked No. 1 Company in the J.D. Power Customer Service Satisfaction Survey for consecutive 4 years. Our group firm Norton Motorcycles, primarily based in the United Kingdom, is without doubt one of the most emotive bike manufacturers in the world. Our subsidiaries in the non-public e-mobility area, Swiss E-Mobility Group (SEMG) and EGO Movement have a number one place in the e-bike market in Switzerland. TVS Motor Company endeavours to ship probably the most superior buyer expertise throughout 80 international locations in which we function. For extra info, please go to www.tvsmotor.com
About Nkars Mobility Millennial Solutions Private Limited (NKMMS)
Co-founded in 2020 by Narain Karthikeyan, NKMMS operates below model identify “DriveX” is engaged in (i) leasing two-wheeler motorcycles and scooters and (ii) promoting, buying and selling, and distributing pre-owned two-wheeler bikes and scooters. NMMSPL operates a digital platform ‘DriveX’ which gives two-wheelers to clients on a subscription mannequin for a versatile tenure and on a purchase order mannequin, together with sure ancillary providers.
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