TVS Motor Company acquired 48.27% stake in DriveX for INR 85.41 crore

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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.

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TVS Motor Company acquired 48.27% stake in DriveX for INR 85.41 crore

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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