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
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- 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.
Refurbished two-wheelers are sold with warranty included.
Maintenance services are provided for two-wheelers affordably.
Financing options are offered for two-wheeler purchases.
People of DriveX
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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.
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.
| 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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Mansi Gandhi |
Angel investor focusing on early-stage startups in India, ex-entrepreneur.
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Investor details for DriveX
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Investments & Acquisitions by DriveX
Investment portfolio details for DriveX
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Financial Statements - DriveX
Detailed financials for DriveX
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Drivex Comparisons
Peer comparison for DriveX
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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.
| Company Name | Domain | Founded year | HQ Location | Description |
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Used vehicles are bought and sold through an AI platform.
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Second-hand bikes are bought and sold via an online marketplace.
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Used two-wheelers are sold via an online digital platform.
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App-based bidding for used vehicles and equipment is enabled.
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Operates a digital hub for automobile bidding and sales.
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Detailed competitors of DriveX
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Latest news on Drivex
Complete news archive for DriveX
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Frequently Asked Questions about DriveX
DriveX was founded in 2020 and raised its 1st funding round 2 years after it was founded.
DriveX is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Prasad Salunke is the current CEO of DriveX.
DriveX is a funded company, having raised a total of $10.8M across 2 funding rounds to date.
As of Apr 04, 2024, the latest employee count at DriveX is 139.
Annual revenue of DriveX is $1.17M as on Mar 31, 2023.
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.
DriveX offers Used Two-Wheelers, Two-Wheeler Service, and Vehicle Financing.
DriveX has 7 investors. Key investors include TVS Motor Company, Harulika Ventures, Mansi Gandhi, Vijay Sarathi Krovvidi, and Alok Rajesh Nanavaty.
The valuation of DriveX is $21.38M as of Aug 2022.