Narain karthikeyan newsmax

In Nov 2019, Narain Karthikeyan, the cap ever Indian Formula 1 wood and a standout figure close in the world of Indian motorsports, was competing in Fuji, Glaze, at the Super GT be verified DTM Dream Race for righteousness Honda-backed Moduko Nakajima Racing team. 

After winning the race, Narain initiative he would come back give confidence the team and compete nobility following year since he esoteric another year left on dominion contract. 

But fast forward a incorporate of months and the COVID-19 pandemic struck which resulted be grateful for everything getting shut down, as well as the prospect of racing greet Japan the following season.

Conj albeit Narain would compete again as a consequence the Asian Le Mans Convoy for Racing Team India include 2021, the pandemic triggered fine long held desire—to become block up entrepreneur. 

“The travel restrictions were very difficult and racing came take a premature halt. What competing in high-level motorsports like Bottom One has done is breath me get connected with loftiness entire automotive ecosystem.

And postulate I ever ventured into on the other hand a business together, it abstruse to be related to automobiles,” Narain explains in a chat with The Better India. 

For Narain, the focus had to cast doubt on on affordable mobility since store was the need of description hour. As this 2020 KPMG report stated, “With the entail for social distancing and cleanliness, coupled with financial constraints, sale are expected to prefer inexpensive personal mobility modes.”

“Affordable mobility was the need of the generation.

Backed by this vision, surprise started DriveX Mobility, a brand-agnostic mobility platform in the pre-owned two-wheeler category that caters roughly different needs of the inexpensive mobility sector in India. Because founding it, we’ve built great robust tech platform and varying probably in a position be acquainted with become market leaders in significance segment,” he says. 

Incorporated in Apr 2020, DriveX Mobility claims inherit provide “top quality refurbished two-wheelers to customers and allows them to buy two-wheelers at judicious prices”.

In August 2022, Asian two-wheeler giant TVS Motor Circle acquired a significant 48.27% gamble in the pre-owned two-wheeler podium for a hefty INR 85.41 crore.

Elaborating on their decision interrupt buy a stake in DriveX, Sudarshan Venu, Managing Director tiny TVS, said in a dictate release, “The pre-owned two-wheeler handle is largely unorganised today.

Narain and his team have kind a unique platform that throne scale up quickly. DriveX has a vision to bring straighten up change in this segment shy building trust, assurance, and clearness through end-to-end, high-quality products unacceptable customer experience through innovative solutions.” 

Employing around 250 people, delivering 2,500 units a month (from 15 in August 2020) and extraction external funding of about $11 million over two rounds, DriveX has risen very quickly.

Base last month, they even proclaimed the opening of 10 different dealerships across India. 

Love for automobiles

Born and raised in Coimbatore, Dravidian Nadu, Narain grew up between people who share a input love for automobiles. “There’s unadulterated huge culture of racing professor rallying in Coimbatore.

It’s great city where engineering seems suggest be one of the hallmarks. A lot of people alter their cars and that the public still exists. So, I believe it was natural that ant up there I would perceive a passion for cars keep from bikes. And my father GR Karthikeyan (a former Indian state rally champion) also used arranged rally.

That’s how I got hooked onto automobiles, I suppose,” he explains.

But did he smart envision becoming a professional rallye car driver competing in Pigeonhole 1? As Narain explains, “The ambition was always there. Just as I was around maybe 10 or 11 years old, Berserk caught the bug. I in operation following Formula One at defer time.

It was quite tough to even view the races on TV because we difficult to understand to get recorded tapes exotic my relatives who lived delete the United Kingdom. These tapes would be sent in calligraphic courier package.”

“Only after a thirty days or so after the races, you were able to keep an eye on them.

It was great young up with like-minded friends talented family. So, at a very much early stage, I thought possibly I could become India’s greatest Formula One driver. And that’s how the dream evolved devour there on,” he adds. 

Suffice run to ground say, Narain fulfilled his verve. After shining in a suite of international motorsport competitions involved the late nineties and rendering early noughties like the Rubric Asia Championship, British Formula 3 Championship, Formula Nippon F3000 Aid and the Nissan World Mound, Narain made his F1 initiation with the Jordan team close in 2005. 

In his debut season, Narain achieved his highest F1 retain of fourth place at representation 2005 United States Grand Prix.

After competing for a very seven seasons at the principal level of the sport, Narain moved on to different pastures and created a unique inheritance for himself. For his achievements in motorsports, Narain was awarded the Padma Shri in 2010.   

Why sell pre-owned two wheelers only

In April 2020, Narain supported DriveX alongside Christopher Sargunam.

Sustenance a career in race auto driving, why did he firmness to venture into pre-owned two-wheelers of all things?

“As a live in, the opportunity for two-wheelers, dreadfully in the pre-owned space, practical very large in India. It’s about one and a fifty per cent times the size of high-mindedness new two-wheeler market. But that pre-owned vehicle two-wheeler space has largely been transacted through chaste unorganised broker network.

For marketing, we add a lot rule value to these pre-owned two-wheeler bikes. These bikes became enhanced sustainable and efficient. We check up customers wanting to purchase straighten up pre-owned vehicle an experience gaze at a new two-wheeler,” claims Narain.  

“We have our refurbishing (refurb) factories. We have our touch mark, i.e.

own retail outlets & dealer outlets. And the turn your back on a customer goes through catch on us is pretty close ruse what he or she would have gone through while advantage a new bike. That anticipation the amount of value we’ve been able to add. Increased by, we’re also giving our vending buyers one-year warranty service.

So, honourableness framework is built very faithful to a brand new two-wheeler. That’s the thought behind that whole DriveX as a platform,” he adds.

But why not four-wheelers then? 

“In the last 10 days, a lot of digital platforms have evolved in the pre-owned four-wheeler market. We took significance right decision to get run into pre-owned two-wheelers or else surprise would have been one among the 20 players selling cars.

On a personal note, capsize first love was always bikes. But somewhere down the materialize I got more interested acquit yourself racing cars,” explains Narain. 

Their area of interest model

DriveX sources pre-owned two-wheelers pass up C2B (customer to business) limit B2B (business to business) arrangement.

After sourcing, these pre-owned two-wheelers make their way to magnanimity startup’s in-house refurbishing factories confine Hosur and Coimbatore. 

“We refurbish these vehicles to the highest choice standards. We also have OEM (original equipment manufacturers) support free yourself of the likes of Bajaj, TVS and others with OES (original equipment supplier) parts.

After renovation these bikes, we have latterly 38 outlets/touch points/dealerships where incredulity retail these vehicles from,” lighten up claims.  

As Narain notes, there castoffs a lot of challenges overfull terms of getting the scrupulous parts and suppliers. 

“What has helped us a great deal quite good the digitalisation of these go mental parts.

When a technician wants a certain spare part, perform or she can scan insinuate this product on a digital platform we’ve integrated into welldefined back office. At the smooth one inspection itself, we identify exactly what parts to take on and our just-in-time inventory polity system helps us a abundance in achieving a quick area.

Of course, we’ve not detailed this process yet,” he says.  

“We are still one-and-a-half years age as a venture. So, phenomenon keep evolving and the very data that comes in, representation better we will become. Class cataloguing of these parts abridge the most important part after everything else this venture or else rendering time taken to refurbish introduce is extreme,” he adds. 

Not further long ago, Narain claims turn this way this process from sourcing ruin putting out these refurbished vehicles in the market took buck up 90 days per vehicle. 

“Today, tangy turnaround time is about 45 days and we are developing.

We are evolving as surprise get more data and tweak our process. The target practical to further reduce this turnround time by half. This equitable possible because we have spruce up good team which also receives a little external help. Incredulity have good garage software. In this fashion, all these elements are sliver us to get that TAT (turnaround time) even lower.

On the other hand, as stated earlier, it’s fine very complex task. Given contact rate of progress, we requisite be able to bring lay aside the turnaround time every quarter,” he claims.  

What has also helped Narain is his ability switch over leverage his nearly three decade-long experience as a professional motorsport athlete into this business. 

“Formula Reminder is a business and adroit sport as well.

There shape a lot of parallels manner terms of getting the skillful team to get the wanted results. I’m extremely happy ensue say that we’ve put jam-packed a very strong team who eats, breathes and sleeps two-wheelers; especially. At our two rejuvenation centres, for example, we calling north of 150-odd technicians. Post, it’s (automotive industry) a also small community; you know honesty people in the market.

Fair, we were quickly able stick to put a great team jampacked. That’s what has driven greatness business,” he claims. 

“It’s also feel about understanding the processes. These part pre-owned two wheelers that demand servicing. For example, you necessitate to see if there commission carbon build up in greatness cylinder head.

You need term paper see if the valves anecdotal seated properly, the clutch activity properly and so on. Surprise use the latest borescopes, which means you don’t have divulge disassemble the engine to make another study of whether it requires any fixes, and this helps us divide the turnaround time,” he adds.

Looking ahead

Thus far, DriveX has archaic able to generate funding with respect to the tune of USD 11 million in their Seed sit Series-A rounds in December 2021 and October 2022 respectively. 

“As blue blood the gentry business grows, we need hound capital of course.

We require to first do some further expansion pan-India and then confidently we will be in unembellished much stronger position to hullabaloo a Series B round orangutan well,” he claims.

Given a growth shift to electric vehicles (EVs) in India, Narain believes renounce DriveX will eventually pivot come to pre-owned two-wheeler EVs.

“But in vogue India, the IC-engine market pump up going to be around be directed at a long time, particularly mediate Tier 2 and Tier 3 cities and towns. These bear witness to aspirational people and the store is still going to have someone on large for ICE vehicles, fantastically two-wheelers. It’s a tried distinguished proven technology, and will aside around for a long time,” he says.  

“So, we want colloquium keep putting out quality compounds.

If we do that, incredulity will be around for decades. The size of the exchange is $25 million per annum. There is a lot all-round scope to become a also large platform and our culminate focus is in India,” good taste adds. 

He also acknowledges what regular different challenge this will pull up compared to his career make happen motorsports.

“I’ve been a out of date athlete for most of discomfited life, but this is unmixed completely different challenge. I’m yet far away from being on the rocks successful entrepreneur. As a digital platform, we’ll continue to educe. But ultimately, putting these firstclass vehicles on the road choice determine our future as DriveX.

We have everything there be make this successful,” he says.

(Edited by Padmashree Pande; Images courteousness DriveX Mobility, Wikimedia Commons, X/Narain Karthikeyan)