tvs motor: TVS Motor to invest in Formula 1 driver Narain Karthikeyan’s start-up ‘DriveX’

NMMSPL is engaged in leasing two-wheeler motorcycles and scooters & selling, trading, and distributing pre-owned two-wheeler motorcycles and scooters. NMMSPL operates ‘DriveX’, a digital platform which provides two-wheelers to customers on a subscription model for a flexible tenure and on a purchase model, along with certain ancillary services.

NMMSPL had a turnover of Rs 47.98 lakh in FY21 and Rs 8.68 cr in the next fiscal.

“TVS Motor considers NMMSPL to be a strong partner to grow its pre-owned two-wheeler vehicle business. TVSM shall obtain 48.27% stake in NMMSPL through subscription of shares issued by way of preferential allotment and through purchase of shares from certain existing shareholders of NMMSPL,” it said in a press release.

NMMSPL was incorporated on April 1, 2020.