TVS TO ACQUIRE 48% STAKE IN TWO-WHEELER STARTUP DRIVEX FOR RS 85 CR

Founded by Formula 1 driver Karthikeyan, DriveX is into leasing of two-wheeler motorcycles and scooters and selling, trading, and distributing pre-owned two-wheeler motorcycles and scooters.

TVS Motor Company on Wednesday said it will acquire 48 per cent stake in Narain Karthikeyan’s pre-owned two-wheeler startup ‘DriveX’ for a consideration of Rs 85 crore.

The company said it will acquire 48.27 per cent stake in NKars Mobility Millennial Solutions Pvt Ltd (NMMSPL), which operates under the brand DriveX’, through primary and secondary investments.

AZB & Partners advised DriveX in the deal. AZB & Partners team comprised of Partner Nanditha Gopal and Senior Associate Adoksh Shastry.

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