TVS Motor Company has acquired a 48% stake in DriveX, a two-wheeler startup focused on subscription models, for ₹85.4 crores, aiming to enhance its presence in the pre-owned two-wheeler market.
Information on the Target
TVS Motor Company, a leading manufacturer of two-wheelers, announced on August 24 the acquisition of a 48% stake in DriveX, a startup founded by Narain Karthikeyan, for ₹85.4 crores. DriveX operates under its parent company, Nkars Mobility Millennial Solutions Private Limited (NMMSPL), and focuses on providing two-wheelers through a subscription model, allowing customers flexibility in tenure, as well as purchasing options and various ancillary services.
Since its inception, NMMSPL has reported a turnover of ₹47.98 lakhs for the fiscal year 2020-21. TVS Motor Company regards this investment as a means of fostering innovation within the two-wheeler market, as detailed in their stock filing report.
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Industry Overview in India
The two-wheeler segment in India has been witnessing considerable growth, driven by rising demand for affordable and sustainable transportation options. The Indian market, characte
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Disclosed details
Transaction Size: $10M
Revenue: $1M