TVS Motor raises stake in Narain Karthikeyan’s DriveX Mobility

TVS Motor Company has increased its stake in DriveX Mobility, a pre-owned two-wheeler platform founded by India’s first Formula One driver, Narain Karthikeyan, and his long-time friend Christopher Anand Sargunam.

The automaker has completed the acquisition of 7,914 equity shares, which represent 39.11% of DriveX’s issued share capital.

With this transaction, TVS Motor’s total ownership in DriveX now stands at 87.38%, making DriveX a subsidiary of TVS Motor.

While financial specifics have not been disclosed, the move underscores TVS Motor’s strategy to strengthen its presence in the fast-growing pre-owned two-wheeler market.

What does DriveX Mobility do?

Founded in April 2020, DriveX Mobility is a digital-first auto-tech platform that specializes in the procurement, refurbishment, and sale of used two-wheelers.

The company operates through both company-owned (COCO) and franchisee-operated (FOFO) outlets. In addition to refurbished vehicles, DriveX also provides spare parts, accessories, and engine oils, making it a one-stop shop for customers looking to buy or maintain pre-owned two-wheelers.  

This latest investment builds on TVS Motor’s earlier purchase of a 48.27% stake in DriveX’s parent company in August 2022, reflecting the automaker’s long-term vision for the used vehicle market.

By integrating DriveX’s unique digital and retail model, TVS Motor plans to cater to a wide customer base seeking affordable and reliable mobility options.