In November 2019, Narain Karthikeyan, India’s pioneering Formula One driver and a revered figure in the motorsport community, found himself racing in Fuji, Japan. Competing for the Honda-backed Moduko Nakajima Racing team at the Super GT x DTM Dream Race, Narain celebrated a triumphant victory. With another year left on his contract, he anticipated returning for the next season.
However, the unforeseen COVID-19 pandemic had different plans. It halted global motorsport, grounding international travel and disrupting racing schedules. Although Narain made a brief return to competitive racing in 2021 with Racing Team India at the Asian Le Mans Series, the interruption reignited a long-held aspiration — the desire to create something of his own.
“The travel restrictions were challenging, and racing came to an unexpected halt,” Narain reflects. “My experiences in Formula One allowed me to forge deep connections within the automotive industry. If I were to start a business, it had to revolve around automobiles.”
Recognising the Demand for Affordable Mobility
As the pandemic unfolded, it became increasingly evident that affordable personal mobility was crucial. A KPMG report from 2020 underscored that financial limitations and health concerns were driving consumers towards more economical transport solutions.
With this insight, Narain co-founded DriveX Mobility in April 2020 alongside Christopher Sargunam. DriveX is a brand-agnostic platform dedicated to pre-owned two-wheelers,
providing refurbished bikes that offer the quality and dependability of new vehicles, but at more accessible prices.
“Affordable mobility was imperative during that time,” Narain states. “We established DriveX to address this specific gap in the Indian market.”
Instilling Trust in a Fragmented Market
India’s pre-owned two-wheeler market is nearly 1.5 times larger than that of new vehicles, yet it remains largely unorganised. DriveX aimed to transform this landscape by introducing quality, transparency, and standardisation.
The company acquires vehicles through both customer-to-business (C2B) and business-to-business (B2B) channels. These bikes are refurbished at DriveX’s facilities in Hosur and Coimbatore, utilising OEM-supported parts from reputable brands like TVS and Bajaj. Each bike undergoes a thorough inspection, refurbishment, and quality check before being delivered to customers through DriveX’s expanding network of retail outlets.
Moreover, customers benefit from a one-year warranty — a rarity in the pre-owned segment.
Rapid Expansion and Strategic Partnerships
DriveX has experienced remarkable growth. From delivering just 15 units in August 2020, the company now sells nearly 2,500 two-wheelers each month, employs around 250 staff, and operates 38 outlets across India.
In August 2022, TVS Motor Company acquired a 48.27% stake in DriveX for ₹85.41 crore, affirming the platform’s business model and scalability. TVS leadership highlighted DriveX’s commitment to trust, customer experience, and technological innovation as key factors for their investment.
Where Motorsport Meets Entrepreneurial Spirit
Narain attributes his racing background to shaping his entrepreneurial approach. “Motorsport encompasses both sport and business. Achieving success hinges on processes, precision, and teamwork,” he explains.
DriveX has harnessed technology extensively — from digital spare-parts cataloguing to just-in-time inventory systems — successfully reducing vehicle turnaround time from 90 days to approximately 45 days, with ambitions to cut it even further.
Looking to the Future
Having secured around $11 million through seed and Series A funding rounds, DriveX aims to expand its presence across India before contemplating a Series B raise. While the company anticipates eventually venturing into the pre-owned electric two-wheeler
market, Narain believes that internal combustion engines will continue to prevail in Tier 2 and Tier 3 markets for the foreseeable future.
“My focus is firmly on India,” he asserts. “By consistently delivering quality and trust, DriveX has the potential to thrive for decades to come.”
From racing circuits to refurbishment facilities, Narain Karthikeyan’s journey exemplifies how experience, timing, and purpose can converge to create a meaningful and scalable business — one affordable ride at a time.
Read the full article here