DriveX, founded by ex-Formula 1 driver Narain Karthikeyan and startup strategist Christopher Sargunam, is targeting the pre-owned vehicle segment which has seen a boom in recent years. DriveX will focus on the pre-owned two-wheeler segment, with a unique blend of processes and technology, setting them apart from other players in the market.
Speaking about DriveX, Karthikeyan says, “We have been on overdrive for the last 12 months, as we have been focusing on expansion.” The two-wheeler buying platform currently has its presence in over 35 cities in India and employs close to 200 people. The ex-racer says the company has been busy with various aspects such as recruitment and integration technology to its platform, which is a key aspect of the business.
DriveX lives by a mantra — buy, refurbish, sell and after-sales. “The refurbishing of two-wheelers before sales is what sets us apart from others,” says the ex-F1 racer. Sargunam, the co-founder says “We did not start with a tech platform and add automobiles to it. It was the other way around. We ensured that the touch and feel aspect was there, along with a digital presence.”
The platform takes advantage of data and know-how, which is the most important aspect for DriveX and every vehicle sold gives them additional data. This data helps identify the right vehicle, assessing the condition of the vehicle, its price, and other aspects. “We use a lot of digital tools for this such as computer imaging, cameras, and AI. This helps us calculate, plan, and forecast. This helps us understand what work needs to be done, where it needs to be done, and how and where to sell the vehicle,” adds Sargunam.
Apart from the above, DriveX is also using the technology to train mechanics with the data available. This eliminates the traditional job card and makes it simple for technicians to use. The platform works as the ultimate digital solution that addresses current needs and mechanics alike.
Karthikeyan says he chose the two-wheeler space because he was always interested in them and the pre-owned market for two-wheelers is currently 1.5X times compared to new ones. The founder says that this was how the used car market was a decade ago and when they laid out a plan, they went the two-wheeler way because the opportunity was there.
DriveX offers users to buy and sell two-wheelers across the range, while the company keeps in constant touch for after-sales and servicing as well. DriveX sources genuine parts from OEMs and acts as an end-to-end platform for people to even upgrade their two-wheelers down the line.
