DriveX sets a Rs 100 crore revenue target for FY25 and plans to increase its retail outlets from 57 to 130 by May 2025, with a long-term goal of reaching 500 stores by 2027.
13 Sep 2024 | 2995 Views | By Autocar Professional Bureau
DriveX, India's digital-first auto-tech platform specialising in refurbished two-wheelers, has recently opened its 8th company-owned store in Chennai, bringing the total number of retail locations to 57.
The company has announced its revenue target of ₹100 crore for FY25 and plans to expand its retail network to 130 locations ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
DriveX, India's digital-first auto-tech platform specialising in refurbished two-wheelers, has recently opened its 8th company-owned store in Chennai, bringing the total number of retail locations to 57.
The company has announced its revenue target of ₹100 crore for FY25 and plans to expand its retail network to 130 locations by May 2025 and 500 by 2027.
Narain Karthikeyan, Founder and Managing Director of DriveX Mobility, stated, “We aim to increase our retail points from 57 to 130 by May 2025. Currently, we are selling approximately 2,500 used vehicles per month, compared to 25-30 vehicles a few years ago. We have identified growing demand and are taking steps to address it.”
TVS Motor Company holds a 48% stake in DriveX. The recent opening of the Chennai store represents a continued effort in the company’s growth strategy. “The Chennai location is a key hub for our South India operations, leveraging the city's automotive heritage to enhance our service and expansion,” Karthikeyan added.
DriveX also plans to increase its presence in northern India, including establishing a refurbishment center in Ghaziabad to improve service quality in the NCR region.
In addition to expanding its retail network, DriveX offers a specially formulated oil for pre-owned engines and a range of biking accessories. The company has developed in-house apps to streamline the vehicle procurement process and enhance customer interaction, supporting its growth strategy in a competitive market.
DriveX's goal is to achieve a pan-India presence with 500 retail outlets by 2027, focusing on innovation and customer satisfaction.