Formula 1 racing driver Narain Karthikeyan-promoted DriveX Mobility Pvt Ltd, engaged in the procurement, refurbishment, and retailing of pre-owned multi-brand two-wheelers, is now entering its next growth phase. The start-up plans to more than double its network and retail volumes, bolstered by its business model.

“We are now the largest digitally enabled pre-owned two-wheeler mobility platform in the country,” said Karthikeyan, Founder of the three-year-old DriveX, which currently retails about 2,500 used vehicles monthly, up from 25-30 a month a couple of years ago. It plans to grow its retails to more than 5,000 a month in the next couple of years. DriveX is backed by TVS Motor, which owns 48 per cent stake in the company.

The journey of Drivex began in December 2019 when Karthikeyan was racing in Japan. “I recognised the need for affordable personal mobility, inspired by platforms like Go-Jek in Indonesia, which heavily rely on two-wheelers. This led to the creation of Drivex during the Covid-19 pandemic, initially as a platform for refurbishing and selling second-hand two-wheelers. But after securing a $300,000 seed round in December 2021, we expanded rapidly,” he stated.

The pre-owned two-wheeler market in India is vast, with over 25 million transactions annually. “My background in racing has taught me the importance of teamwork, agility, and precise processes — qualities we’ve embedded in our start-up’s DNA,” he added.

The backing of an OEM (TVS Motor) provided significant advantages, he says. “They offer a robust dealer network and efficient vehicle sourcing and this backing has played a pivotal role in optimising operations and scaling their pre-owned two-wheeler digital platform,” he pointed out.

DriveX’s efforts to change the perception of financing pre-owned bikes also succeeded as leading NBFC Bajaj Auto Finance recognised the value in what it was doing, followed by TVS Credit and IDFC.

Currently, DriveX operates across Tamil Nadu, Karnataka, and parts of the NCR. It has set up refurbishment facilities in Coimbatore and Hosur. It recently opened its 57th touchpoint in Chennai and is planning expansions into Andhra Pradesh, Telangana, Kerala, Maharashtra, and NCR. The company is particularly focused on Kerala due to its proximity to Coimbatore and its large market for high-end scooters.

Technology is a key component of DriveX’s strategy, with in-house developed apps for procurement and customer interaction. The company aims to reach 130 touchpoints by May 2025 and 500 by 2027. DriveX reported a revenue of ₹37 crore in FY24 — up from ₹10 crore in FY23, and is targeting over ₹100 crore this fiscal year, although it is yet to achieve profitability.

With a comprehensive business model that includes service and safety accessories, DriveX seeks to ensure a consistent brand experience across its franchised stores. The average inventory turnaround time has improved from 90 days to 60 days, streamlining the refurbishment, documentation, and retail processes, he added.

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