TVS Motor Company, an Indian two-wheeler manufacturer acquired a 48.27% stake in pre-owned two-wheeler platform DriveX for INR 85.41 crore.
The investment will allow DriveX to expand its used bike offerings and drive innovative solutions to capture a larger share of the pre-owned two-wheeler market. DriveX also intends to use the funds to expand into new cities in the coming years. The acquisition will allow TVS Motor to expand its presence and enter the highly competitive pre-owned two-wheeler vehicle segment. TVS Motor stated in a regulatory filing that it would acquire a stake in Nkars Mobility Millennial Solutions Private Limited (NMMSPL), the parent company of DriveX, through both primary and secondary investments.
