TVS Motor to invest in Formula 1 driver Narain Karthikeyan’s start-up ‘DriveX’
TVS Motor Company NSE -0.20 % will be investing Rs 85.41 crore to acquire a 48.27% stake in Nkars Mobility Millennial Solutions Private Limited (NMMSPL), which operates Formula 1 Driver Narain Karthikeyan’s start-up ‘DriveX’, the company informed the exchanges on Wednesday.
NMMSPL is engaged in leasing two-wheeler motorcycles and scooters & selling, trading, and distributing pre-owned two-wheeler motorcycles and scooters. NMMSPL operates ‘DriveX’, a digital platform which provides two-wheelers to customers on a subscription model for a flexible tenure and on a purchase model, along with certain ancillary services.
NMMSPL had a turnover of Rs 47.98 lakh in FY21 and Rs 8.68 cr in the next fiscal.
Read more at: ECONOMIC TIMES