DriveX, India’s first and largest digital-first auto-tech platform for two-wheelers as good as new, recently launched their 8th company-owned and operated store in Chennai, which raises the total number of retail stores to 57. They also announced a sharp rise in revenue for FY24. With an aggressive plan for network expansion, DriveX has set the revenue target for FY25, expanding its retail touchpoints from 57 to 130 by May 2025 and 500 by 2027.
“We plan to double our retail touch points from 57 to 130 by May 2025,” said Narain Karthikeyan, Founder and Managing Director, DriveX Mobility. “Presently we are retailing about 2,500 used vehicles a month, a huge jump from 25-30 vehicles, which were sold just a couple of years ago. We have identified twice as much demand and are taking the necessary measurements to meet the growing demand.,” he added.
TVS Motor Company owns 48% of DriveX, which has emerged as a major player in the pre-owned two-wheeler market. This year, the company inaugurated its 57th retail touch point in Chennai, marking the latest in a series of aggressive growth stories showcased by the company. “The Chennai store is an important hub for our South India operations, and we are using the rich automotive heritage of the city to enhance our service and scale up further,” he added.
DriveX plans to scale its presence in key northern markets as part of its expansion drive. “Though we have a tiny footprint in the NCR region, we have in our pipeline to establish our refurbishment center in Ghaziabad, which will enable us to get better traction and improve service quality in this market,” said Karthikeyan.
In addition to expanding the retail with a product portfolio of top-quality refurbished two-wheelers, DriveX also offers a specially formulated oil for pre-owned engines. “This is getting good reception and is driving extra market traction,” says Karthikeyan. Biking accessories have also emerged, adding another dimension to the company’s customer offering.
Technology remains an important enabler in the growth of DriveX. The company has also developed in-house apps that streamline the vehicle procurement process and make customer interaction much more seamless, resulting in a smooth buying experience for refurbished two-wheelers. This is part of DriveX’s strategy to keep them ahead of the curve in a rapidly changing marketplace.
This ambitious roadmap for DriveX envisages a pan-India presence with 500 retail outlets by 2027. DriveX is well on its way to transforming the refurbished two-wheeler market across the country, with a strategic focus on innovation, expansion, and customer satisfaction.
