TVS Motor to invest in Formula 1 driver Narain Karthikeyan’s start-up ‘DriveX’

will be investing Rs 85.41 crore to acquire a 48.27% stake in Nkars Mobility Millennial Solutions Private Limited (NMMSPL), which operates Formula 1 Driver Narain Karthikeyan’s start-up ‘DriveX’, the company informed the exchanges on Wednesday.

NMMSPL is engaged in leasing two-wheeler motorcycles and scooters & selling, trading, and distributing pre-owned two-wheeler motorcycles and scooters. NMMSPL operates ‘DriveX’, a digital platform which provides two-wheelers to customers on a subscription model for a flexible tenure and on a purchase model, along with certain ancillary services.

NMMSPL had a turnover of Rs 47.98 lakh in FY21 and Rs 8.68 cr in the next fiscal.

“TVS Motor considers NMMSPL to be a strong partner to grow its pre-owned two-wheeler vehicle business. TVSM shall obtain 48.27% stake in NMMSPL through subscription of shares issued by way of preferential allotment and through purchase of shares from certain existing shareholders of NMMSPL,” it said in a press release.

NMMSPL was incorporated on April 1, 2020.

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