TVS Motor Company is all set to acquire 48.27% stake in Narain Karthikeyan’s start-up ‘DriveX’ (NKars Mobility Millennial Solutions) for around Rs 85.42 crore by way of primary and secondary investments. The indicative time period for completion of the acquisition is November 30, 2022.
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.
TVS Motor Company is a reputed two and three-wheeler manufacturer.
