For Narain Karthikeyan, speed was never just about winning races. It was about taking risks, pushing limits and going where few Indians had gone before. After making history as India’s first Formula 1 driver, Karthikeyan took on a completely different challenge, building a business in India’s used two wheeler market.
His journey from the Formula 1 racetrack to entrepreneurship is a story of reinvention. In 2020, he co-founded DriveX in Bengaluru, betting on a market that was large, fragmented and still largely controlled by local dealers.
Today, DriveX has sold more than 40,000 vehicles through a network of over 40 stores. The company has also attracted major backing from TVS Motor, turning Karthikeyan’s second career into a serious business journey.
From Racing Dreams to Formula 1
Narain Karthikeyan grew up with a passion for motorsport at a time when Formula 1 was still a distant dream for most Indians. He worked his way through different levels of racing, competing internationally and gradually making a name for himself.
In 2005, he achieved a historic milestone by joining Jordan and becoming the first Indian driver to compete in a Formula 1 race. For Indian motorsport fans, his debut was more than a personal achievement; it opened a door that had never been opened before.
Karthikeyan later continued racing in international series, including Japan’s Super Formula and Super GT. But after years of living around racing, he eventually found himself looking for a new challenge away from the racetrack.
The Idea Behind DriveX
In 2020, Karthikeyan entered a very different world: India’s used motorcycle and scooter market. He co-founded DriveX in Bengaluru with the idea of bringing more trust and organisation to a highly fragmented business.
Buying a second-hand two-wheeler can often be difficult for customers. Vehicle condition, pricing, ownership records, documentation and after-sales support can vary greatly from one seller to another.
DriveX wanted to solve these problems by combining vehicle sourcing, inspection, refurbishment, retail, financing, warranties and documentation under one organised platform.
Building More Than a Used Bike Marketplace
The company did not simply want to become another online listing website. Its business model depended heavily on the physical side of the used-vehicle business.
DriveX inspected and refurbished vehicles before selling them to customers, creating a process designed to make pre-owned two wheelers more reliable and easier to buy.
That meant building technical centres, developing a retail network and creating systems around valuation, documentation and ownership transfer. It was a capital-intensive approach, but it also helped DriveX build a more complete customer experience.
The First Funding Milestone
DriveX raised its first reported institutional capital in February 2022, securing around $0.2 million, or roughly Rs 1.5 Cr, in an angel round.
At the time, the company was valued at around Rs 66 crore. The funding gave the young company more room to build its operations and prove that an organised model could work in the used two-wheeler market.
For Karthikeyan, it was a very different kind of race. This time, there was no finish line at the end of a few laps, the challenge was to build something that could survive and grow for years.
TVS Motor Enters the Story
A major turning point came in August 2022, when TVS Motor led a $10.6 million Series A investment in DriveX.
The investment valued DriveX at around Rs 176 Cr post-money and gave TVS Motor a stake of approximately 48%. It also brought a major automotive company into the business as a strategic investor.
The partnership gave DriveX access to the experience and ecosystem of one of India's leading two-wheeler manufacturers, while giving TVS a stronger presence in the growing organised pre-owned vehicle market.
From Startup to a Growing Network
With stronger financial and strategic backing, DriveX started expanding its physical footprint. In February 2023, the company opened its first technical centre in Coimbatore.
The centre was designed to refurbish around 400 two wheelers every month, helping DriveX handle a larger number of vehicles as its network expanded.
The company later targeted 500 outlets by 2027, showing its ambition to build a large offline presence alongside its technology platform.
Expanding Beyond Vehicle Sales
DriveX gradually started building services around the complete used two-wheeler ownership journey. The company expanded into financing, warranties, after-sales services and documentation support.
In 2024, it also entered the aftermarket business with DriveX Xplor engine oil. The strategy was clear: instead of making money only when a vehicle was sold, DriveX wanted to participate in more parts of the customer's ownership journey.
This gave the company multiple opportunities to build revenue around the same customer and vehicle.
TVS Takes Control
The relationship with TVS Motor became even stronger in November 2024. TVS acquired an additional 39.11% stake in DriveX.
The transaction, valued at around Rs 111.9 Cr, took TVS Motor's overall holding to approximately 87%, effectively bringing DriveX under the control of the automotive major.
For Karthikeyan, it marked another major stage in his entrepreneurial journey. The company he helped build had moved from a young startup to a business backed and controlled by one of India's biggest automotive players.
Another Rs 64 Crore Investment
TVS continued supporting DriveX after taking majority control. In July 2025, reports indicated that TVS infused another Rs 64 Cr into the company.
The additional capital came at a time when DriveX was still investing heavily in growth and expansion. Like many startups building physical infrastructure, the company had to balance rapid expansion with the difficult path toward profitability.
The funding showed that TVS continued to see long-term value in the organised used two-wheeler opportunity.
DriveX Direct: A New Direction
In September 2025, DriveX launched DriveX Direct, a customer-to-customer marketplace for used two-wheelers.
The move expanded the company's model beyond vehicles sourced and refurbished directly by DriveX. Customers could now participate in a broader marketplace for pre-owned motorcycles and scooters.
It was another step towards turning DriveX from a used-vehicle seller into a wider platform for buying, selling and managing used two-wheelers.
Bringing AI Into the Business
DriveX continued adding technology to its platform in 2026. In June, the company introduced an AI-powered used two-wheeler discovery platform.
A month later, it launched end-to-end RTO services in Bengaluru and Chennai. These moves showed how the company was trying to make the entire used-bike transaction simpler, from finding a vehicle to completing the paperwork.
The strategy was increasingly moving towards a full-stack used two-wheeler platform rather than a traditional dealership model.
The Numbers Behind DriveX
DriveX's revenue has grown sharply since its early days. According to Tracxn data, revenue increased from around Rs 53.7 lakh in FY21 to Rs 8.68 Cr in FY22.
By FY25, the company's revenue had reached approximately Rs 60.8 Cr. However, the business was still loss making as it continued spending on operations, infrastructure and expansion.
In FY25, DriveX recorded expenses of around Rs 122.6 Cr and a loss after tax of approximately Rs 46.3 Cr, highlighting the challenge of turning rapid business expansion into sustainable profitability.
Valuation and Business Scale
DriveX's valuation crossed the Rs 100 Cr mark years before its current scale, with the 2022 TVS-led funding round putting its post-money valuation at approximately Rs 176 Cr.
The company has since expanded its network and strengthened its position under TVS Motor's ownership. DriveX says it has sold more than 40,000 vehicles through a network of over 40 stores.
While a current standalone valuation or Narain Karthikeyan's personal net worth is not reliably disclosed, the company's journey shows how far the business has come since its launch in 2020.
From F1 Cars to Used Two-Wheelers
There is an interesting connection between Karthikeyan's racing career and his entrepreneurial journey. Formula 1 demanded precision, preparation, quick decisions and the ability to perform under pressure.
Building DriveX required many of the same qualities, but on a completely different track. Instead of competing against other drivers, Karthikeyan was now competing against an unorganised market, operational challenges and the difficult economics of scaling a startup.
His story shows that changing direction does not mean starting from zero. The discipline built in one career can become an advantage in another.
The Bigger Opportunity
India has a massive two-wheeler market, and the pre-owned segment offers a huge opportunity for companies that can make transactions more trustworthy and convenient.
DriveX identified the gaps in the traditional market, inconsistent vehicle quality, paperwork, pricing and customer trust, and tried to bring technology and organised processes into the equation.
Its journey also highlights an important startup reality: a big market alone is not enough. Building the infrastructure, technology and customer trust required to capture that market can take years and significant capital.
Lessons From Narain Karthikeyan’s Journey
Karthikeyan's story is ultimately about reinvention. He went from becoming India's first Formula 1 driver to building a company in a completely different industry.
His journey shows that success does not always mean staying in the same field forever. Sometimes the biggest opportunity comes after you leave the career where everyone already knows your name.
DriveX is still working towards profitability, but its growth, funding and strategic backing from TVS Motor show that the business has created a meaningful position in India's used two-wheeler ecosystem.
The Road Ahead
DriveX's next phase will be less about simply growing the number of stores and more about building a sustainable business. Its expansion into marketplaces, AI, financing, RTO services and aftermarket products points towards a broader ecosystem.
For Karthikeyan, the journey that started with a Formula 1 dream has taken an unexpected turn, from racing cars at international circuits to building a company around India's everyday two-wheeler needs.
The racetrack may have changed, but the mindset remains the same: take the risk, keep moving forward and never be afraid to start a new race.
