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Narayan Karthikeyan, founder and MD of DriveX Mobility Pvt Ltd, says his company retails 2,100 vehicles and services 12,000 vehicles every month. They plan to double the number of outlets to 130 by May 2025.
DriveX Mobility, promoted by India’s only F1 driver and backed by TVS Motor Company, plans to open 500 outlets for refurbished two-wheeler trade across India by 2027.
“We currently have 57 outlets and will be expanding it to 130 by May 2025,” Narayanan Karthikeyan, Founder and MD, DriveX Mobility Pvt Ltd, said in an interaction.
“The mid-term target is to open 130 outlets, most of which will be in the southern states and NCR, while the five-year target is to open 500 outlets,” he said.
Mr. Karthikeyan was in the city to inaugurate the 58th Independence Day celebrations.th outlets, which is 8th This is the first Company Owned Company Operated (COCO) outlet in the country and the second in Chennai. When the number doubles to 130, the number of COCO outlets will increase to around 30.
He said, “The used two-wheeler market in India is 99% unorganised. It is 1.5 times the size of new vehicles. I always wanted to be an entrepreneur and Covid gave me this opportunity. We understood the consumer pain point and hence we started this digital-first auto-tech platform for pre-owned vehicles.”
Operating on a hub and spoke model, DriveX has two refurbishing facilities in Coimbatore and Hosur and is sold with a one-year warranty with three free services. There are plans to open new facilities in Ghaziabad and Maharashtra by early 2025.
According to him, with 1.50 lakh customers, the company sells 2,100 vehicles every month and services 12,000 vehicles. It recorded a revenue of Rs 35 crore in FY24, compared to Rs 7 crore in the same period a year ago. It expects to reach Rs 100 crore in FY25.
Mr. Karthikeyan said they have started retailing electric vehicles on a small scale to be future-ready.
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