Other Private Equity/Strategic Investments
TVS Motor acquires 48% stake in used 2-wheelers marketplace DriveX for Rs.85-Cr
Chennai-based listed 2-wheeler manufacturer TVS Motor Company has acquired a 48.27% stake in Bangalore-based pre-owned 2-wheeler platform DriveX for INR 85.41 crore. TVS Motor would acquire the stake in Nkars Mobility Millennial Solutions Pvt Ltd (NMMSPL), the Coimbatore-registered parent company of DriveX, via primary and secondary investments. DriveX, founded in 2020 by Formula 1 driver Narain Karthikeyan and Christopher Sargunam, offers sale and trade of pre-owned two-wheelers. It also offers a digital subscription platform that enables users to buy or lease two-wheelers for a flexible tenure or on a purchase model. In FY21, NMMSPL had reported a turnover of INR 47,98,000. The new investment will enable DriveX to scale up offerings in the used bike space. DriveX also plans to use the funding to expand its footprint to other cities.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
