How India’s first F1 racer Narain Karthikeyan made Rs 100-crore company

Dubai: Narain Karthikeyan, India's inaugural Formula 1 racer, has not only charted history in the sport but also ventured into a different industry - India's used two-wheeler market. After racing for the Jordan F1 team in 2005, becoming the first Indian driver in a Formula 1 race, Karthikeyan later participated in the Japanese Super Formula series and joined the Super GT series in 2019.

However, a year after, he co-founded DriveX in Bengaluru, a company aiming to conquer India's fragmented pre-owned motorcycle and scooter market.

Initially, DriveX focused on offering certified used two-wheelers. Over time, the company expanded its services, incorporating inspection, refurbishment, retail, financing, warranties, and documentation. In 2022, DriveX caught the eye of investors, receiving an angel round that valued the company at around Rs 66 crore (Dh 25.2 million).

Shortly after, TVS Motor invested $10.6 million (Dh 38.9 million), significantly raising the company's valuation to approximately Rs 176 crore (Dh 67.3 million) post-money, giving TVS a stake of about 48 percent.

DriveX continued expanding, aiming to establish a network of 500 outlets by 2027. TVS further increased its stake in the company, acquiring an additional 39.11 percent in 2024, bringing their total ownership to around 87 percent in a deal valued at Rs 111.9 crore (Dh 42.8 million). Following this, TVS invested another Rs 64 crore (Dh 24.4 million) in 2025, despite the company experiencing some losses. Nevertheless, the new majority owners continued to fund DriveX, ensuring its growth.

Today, DriveX claims to have sold over 40,000 vehicles through its network of more than 40 stores, marking Narain Karthikeyan's remarkable transition from Formula 1 racing to entrepreneurship.