DriveX Mobility Pvt. Ltd. Founder and MD Narain Karthikeyan says that his company retails 2,100 vehicles per month and services 12,000 vehicles. They are planning to double the number of outlets to 130 by May 2025.
Promoted by India’s only F1 driver and backed by TVS Motor Co., DriveX Mobility is planning to have 500 outlets pan India by 2027 for trading in refurbished two wheelers.
“Currently, we have 57 outlets and by May 2025 it will increase it to 130,” said DriveX Mobility Pvt Ltd., Founder and MD Narain Karthikeyan during an interaction.
“While the mid-term goal is to have 130 outlets mostly in the southern states and NCR, the five year goal is to have 500 outlets,” he said.
Mr. Karthikeyan was in the city to open the 58th outlet, which happens to be 8th company owned company operated (COCO) outlet in the country and second one in Chennai. When the number gets doubled to 130, the number of COCO outlets will be about 30.
“The used two wheeler market in India is 99% unorganised. It is 1.5 times larger than the new vehicles size. I always wanted to be an entrepreneur and Covid gave me the opportunity. We knew the pain points of the consumer and so we started this digital-first auto-tech platform for pre-owned vehicles,” he said.
Operating on the hub and spoke model, DriveX has two refurbishing facilities in Coimbatore and Hosur and sells it with one year warranty along with three free services. Plans are on to open new facilities in Ghaziabad and Maharashtra by early 2025.
According to him, with a customer base of 1.50 lakh, the company retails 2,100 vehicles per month and services 12,000 vehicles. It reported revenue of ₹35 crore in FY24 against ₹7 crore in the year ago period. It hopes to touch ₹100 crore in FY25.
Mr. Karthikeyan said they have started retailing EV in a small way so as to be future ready.
