About DriveX
DriveX is a company based in Bengaluru (India) founded in 2020 by Christopher Sargunam, Hormazd Sorabjee, and Narain Karthikeyan was acquired by TVS Motor Company in November 2024. It operates as a Direct-to-Consumer (D2C), and Two-Sided Marketplace. DriveX has raised $10.8 million across 2 funding rounds from investors including TVS Motor Company, Harulika Ventures and Mansi Gandhi. The company has 139 employees as of April 04, 2024. DriveX offers products and services including Used Two-Wheelers, Two-Wheeler Service, and Vehicle Financing. DriveX operates in a competitive market with competitors including Droom, CredR, BeepKart, SAMIL and eDiig, among others.
- Headquarter Bengaluru, India
- Employees 139 as on 04 Apr, 2024
- Founders Christopher Sargunam, Hormazd Sorabjee, Narain Karthikeyan
- Stage Minicorn
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Sectors
Transportation, Automotive & Logistics
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Drivex Mobility Pvt. Ltd.
- Date of Incorporation 01 Apr, 2020
- Jurisdiction Coimbatore, Tamil Nadu, India
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Annual Revenue
$1.17 M (USD)11.89as on Mar 31, 2023
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Net Profit
$-1.34 M (USD)-327.68as on Mar 31, 2023
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EBITDA
$-1.67 M (USD)-629.36as on Mar 31, 2023
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Total Equity Funding
$10.8 M (USD)
in 2 rounds
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Latest Funding Round
$10.6 M (USD), Series A
Aug 24, 2022
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Investors
TVS Motor Company
& 6 more
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Employee Count
139
as on Apr 04, 2024
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Acquired by
TVS Motor Company
(Nov 30, 2024)
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Products & Services of DriveX
DriveX offers a comprehensive portfolio of products and services, including Used Two-Wheelers, Two-Wheeler Service, and Vehicle Financing. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Refurbished two-wheelers are sold with warranty included.
Maintenance services are provided for two-wheelers affordably.
Financing options are offered for two-wheeler purchases.
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Funding Insights of DriveX
DriveX has successfully raised a total of $10.8M across 2 strategic funding rounds. The most recent funding activity was a Series A round of $10.6 million completed in August 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Series A — $10.6M
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First Round
First Round
(25 Feb 2022)
- Investors Count 7
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Aug, 2022 | Amount | Series A - DriveX | Valuation | TVS Motor Company | |
| Feb, 2022 | Amount | Angel Round - DriveX | Valuation | Mansi Gandhi , Vijay Sarathi Krovvidi |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in DriveX
DriveX has secured backing from 7 investors, including institutional and angel investors. Prominent investors backing the company include TVS Motor Company, Harulika Ventures and Mansi Gandhi. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Two-wheeler and three-wheeler vehicles are manufactured, including bikes and scooters.
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Founded Year | Domain | Location | |
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Founded Year | Domain | Location | |
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MG
Mansi Gandhi |
Angel investor focusing on early-stage startups in India, ex-entrepreneur.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by DriveX
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
|
2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - DriveX
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Drivex Comparisons
Competitors of DriveX
DriveX operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Droom, CredR, BeepKart, SAMIL and eDiig, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Used vehicles are bought and sold through an AI platform.
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| domain | founded_year | HQ Location |
Second-hand bikes are bought and sold via an online marketplace.
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| domain | founded_year | HQ Location |
Used two-wheelers are sold via an online digital platform.
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| domain | founded_year | HQ Location |
App-based bidding for used vehicles and equipment is enabled.
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| domain | founded_year | HQ Location |
Operates a digital hub for automobile bidding and sales.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Drivex
Frequently Asked Questions about DriveX
When was DriveX founded?
DriveX was founded in 2020 and raised its 1st funding round 2 years after it was founded.
Where is DriveX located?
DriveX is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Who is the current CEO of DriveX?
Prasad Salunke is the current CEO of DriveX.
Is DriveX a funded company?
DriveX is a funded company, having raised a total of $10.8M across 2 funding rounds to date. The company's 1st funding round was a Angel Round of $198.94K, raised on Feb 25, 2022.
How many employees does DriveX have?
As of Apr 04, 2024, the latest employee count at DriveX is 139.
What is the annual revenue of DriveX?
Annual revenue of DriveX is $1.17M as on Mar 31, 2023.
What does DriveX do?
DriveX is involved in the sale of refurbished two-wheelers that are presented as good as new, complete with warranties and free services. The company also facilitates the selling process for owners through doorstep evaluations and hassle-free documentation. Additionally, maintenance services are provided with a focus on reliability and affordability. Financing solutions are offered to support purchases with up to 85 coverage. The operations are centered in the automotive sector, specifically targeting the used two-wheeler market in India.
What products or services does DriveX offer?
DriveX offers Used Two-Wheelers, Two-Wheeler Service, and Vehicle Financing.
Who are DriveX's investors?
DriveX has 7 investors. Key investors include TVS Motor Company, Harulika Ventures, Mansi Gandhi, Vijay Sarathi Krovvidi, and Alok Rajesh Nanavaty.
What is DriveX's valuation?
The valuation of DriveX is $21.38M as of Aug 2022.
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