DriveX, India’s largest digital-first auto-tech platform for refurbished two-wheelers, has announced the opening of its 8th company-owned and operated store in Chennai, bringing the total number of its retail outlets to 57. The company, which is backed by TVS Motor Company with a 48% stake, also reported a significant increase in revenue for FY24 and laid out ambitious growth plans for the future.
Narain Karthikeyan, Founder and Managing Director of DriveX Mobility, detailed the company’s strategy for rapid expansion, setting a target to double its retail touchpoints from 57 to 130 by May 2025, with a longer-term goal of reaching 500 outlets across India by 2027.
“We plan to double our retail touchpoints from 57 to 130 by May 2025,” said Karthikeyan. “Currently, we are selling around 2,500 refurbished two-wheelers a month, a significant rise from just 25-30 vehicles sold a couple of years ago. We’ve identified a growing demand in the market and are taking steps to meet it.”
The newly opened Chennai store is expected to be a central hub for DriveX’s operations in South India. Karthikeyan emphasized the importance of the city’s rich automotive heritage in strengthening their service capabilities. “The Chennai store is key to our South India strategy, and we plan to leverage the city’s automotive legacy to expand further,” he noted.
DriveX’s expansion plans also extend to the North, with a refurbishment center planned for Ghaziabad. This move is aimed at bolstering the company’s presence in the NCR region. “Our footprint in the NCR region is still small, but with the Ghaziabad refurbishment center, we expect to see better traction and improved service quality,” Karthikeyan added.
In addition to its expanding retail network, DriveX is also innovating its product offerings. The company provides specially formulated oil for pre-owned engines, which has gained positive market reception. Biking accessories have also been added to the company’s portfolio, enhancing its customer offerings.
DriveX continues to leverage technology to maintain a competitive edge in the pre-owned two-wheeler market. The company has developed in-house apps that streamline vehicle procurement and improve customer interaction, providing a smoother buying experience for refurbished two-wheelers.
With aggressive expansion plans and a focus on innovation and customer satisfaction, DriveX is poised to transform the pre-owned two-wheeler market in India. The company aims to have a pan-India presence with 500 retail outlets by 2027.
