• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, May 20, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Tech Automobiles

TVS Motor Company to invest 85.41 crores in DriveX founded by Narain Karthikeyan

by Thomas Babychan
August 24, 2022
in Automobiles, Business, Events, India News, Markets, News, Startups, Tech
Reading Time: 2 mins read
0
TVS Motor Company to invest 85.41 crores in DriveX by Narain Karthikeyan

TVS Motor Company to invest 85.41 crores in DriveX by Narain Karthikeyan

TwitterWhatsappLinkedin

According to the latest reports coming from the Indian automobile market Chennai-based, automobile giant TVS Motor Company has made an announcement that it will acquire a 48% stake in a two-wheeler startup named DriveX.

You might also like

Byju Raveendran Speaks Out: “I Won’t Sell Anything I Wouldn’t Give to My Son”

Nike Lays Off Employees from Technology Division as Part of CEO Elliott Hill’s Turnaround Plan

Government to Raise Rs 1,000 Crore by Selling BSNL and MTNL Land Assets

DriveX which was founded by Kumar Narain Karthikeyan, the first Indian Formula One driver, is focused on providing services such as selling, trading, and distributing pre-owned two-wheeler motorcycles and scooters. DriveX which is owned by NKars Mobility Millennial Solutions Pvt Ltd is also in the business of leasing two-wheeler motorcycles.

In the previous financial year, the overall turnover of the startup was nearly 9 crore Indian rupees.

Unlike other rental services for automobiles, DriveX provides both subscription-based and ownership-based services to customers who will get access to good quality new or used vehicles which can be availed for economical monthly subscription services.

TVS Motor Company said in a statement that it is planning to acquire 48.27% shareholding NKars Mobility Millennial Solutions Pvt Ltd. The acquisition is expected to happen through both primary and secondary investments in the company. The acquisition deal will be closed for a price of 85.41 crore rupees.

Sudarshan Venu who is managing director of TVS Motor Company said in a statement that the startup can bring a huge change in the two-wheeler and scooters segment in India by providing high-quality products and customer experience through various innovative solutions. He also said that the startup founded by Karthikeyan has been able to build trust, assurance, and transparency in the Indian automobile market through its various practices.

Narain Karthikeyan said that DriveX focuses on a fully digital business where it can serve all the automobile brands with analytics lead capability across the value chains.

He also said that through the acquisition by TVS Motor Company, the startup will be looking to expand its market presence across the country and generally over the course of time move to other geographical locations.

Media reports suggest that the acquisition of DriveX by TVS Motor Company is expected to be concluded by the end of November this year.

About TVS Motors Company

TVS Motor Company which was founded by TV Sundaram Iyengar 44 years ago is one of the largest two-wheeler and three-wheeler companies in the world. It has a revenue of 3.1 billion dollars and an operating income of more than 130 million dollars.

Tags: DriveXTVS Motors
Tweet54SendShare15
Previous Post

How To Choose a Reliable Sports Betting website

Next Post

Twitter Formulates New Team On Bots Post Disclosure

Thomas Babychan

Thomas Babychan is an experienced business and economic journalist with a focus on international trade, stock market, banking, and multilateral organizations. He also has expertise in international relations and diplomacy.

Recommended For You

Byju Raveendran Speaks Out: “I Won’t Sell Anything I Wouldn’t Give to My Son”

by Ishaan Negi
May 20, 2025
0
“I Am Not a Flower, I Am the Fire”: Byju Raveendran Goes Full Pushpa in Legal War with EY and GLAS

In a rare and emotionally charged interview with ANI in Dubai, Byju Raveendran, founder and CEO of ed-tech giant BYJU’S, broke his silence on the controversies that have...

Read more

Nike Lays Off Employees from Technology Division as Part of CEO Elliott Hill’s Turnaround Plan

by Rounak Majumdar
May 20, 2025
0
Nike Lays Off Employees from Technology Division as Part of CEO Elliott Hill’s Turnaround Plan

Nike, the US-based global sportswear leader, has initiated a new round of layoffs targeting its technology division as part of a broader turnaround effort led by CEO Elliott...

Read more

Government to Raise Rs 1,000 Crore by Selling BSNL and MTNL Land Assets

by Rounak Majumdar
May 20, 2025
0
Government to Raise Rs 1,000 Crore by Selling BSNL and MTNL Land Assets

The Indian government has started an important endeavor to sell off land assets owned by state-run telecom companies Mahanagar Telephone Nigam Limited (MTNL) and Bharat Sanchar Nigam Limited...

Read more
Next Post
Twitter Formulates New Team On Bots Post Disclosure

Twitter Formulates New Team On Bots Post Disclosure

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?