M&A
TVS Motor to infuse Rs.64-Cr more in pre-owned 2-wheeler marketplace DriveX
TVS Motor Company has invested INR 64 crore in Bengaluru-based pre-owned two-wheeler marketplace DriveX Mobility , co-founded by former Formula 1 driver Narain Karthikeyan. DriveX would issue 5,179 equity shares at INR 1.23 Lakh apiece to TVS Motor on a private placement basis to raise INR 63.99 crore. The startup will use the capital primarily towards repayment of debt.TVS first acquired a 48.27% stake in DriveX for INR 85.41 crore in 2022. In December last year, TVS acquired an additional 39.11% stake in the startup to increase its shareholding in the two-wheeler marketplace to 87.38%.Founded in 2020 by Narain Karthikeyan and Christopher Anand Sargunam, DriveX enables the sale and purchase of refurbished two-wheelers. Customers can buy used two-wheelers on the platform from brands such as Hero, TVS, Bajaj, Yamaha, KTM and Honda. The startup also offers bike repair services in Bengaluru, Chennai, Coimbatore, Madurai and Kolar.
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