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DriveX Plans ₹100 Crore Revenue, Aims To Expand Retail Presence To 500 By 2027
DriveX, India's leading digital-first auto-tech platform for refurbished two-wheelers, has recently opened its 8th company-owned store in Chennai. This new addition brings the total number of their retail outlets to 57. The company also reported a significant increase in revenue for FY24 and has set ambitious targets for further expansion.
Expansion Plans and Revenue Goals
DriveX aims to double its retail touchpoints from 57 to 130 by May 2025 and reach 500 by 2027. "We plan to double our retail touch points from 57 to 130 by May 2025," said Narain Karthikeyan, Founder and Managing Director of DriveX Mobility. He added that they currently sell about 2,500 used vehicles monthly, a substantial increase from just a few years ago when they sold only 25-30 vehicles per month.
Strategic Moves in Key Markets
The company is also focusing on expanding its presence in northern markets. "Though we have a tiny footprint in the NCR region, we have in our pipeline to establish our refurbishment center in Ghaziabad, which will enable us to get better traction and improve service quality in this market," Karthikeyan mentioned. This move is expected to enhance their service capabilities and market reach.
Technological Innovations
Technology plays a crucial role in DriveX's growth strategy. The company has developed in-house apps that streamline the vehicle procurement process and improve customer interactions. These technological advancements aim to provide a seamless buying experience for customers purchasing refurbished two-wheelers.
TVS Motor Company holds a 48% stake in DriveX, which has become a significant player in the pre-owned two-wheeler market. The recent opening of their 57th retail touchpoint in Chennai highlights their aggressive growth strategy. "The Chennai store is an important hub for our South India operations, and we are using the rich automotive heritage of the city to enhance our service and scale up further," Karthikeyan noted.
In addition to expanding its retail network, DriveX offers top-quality refurbished two-wheelers and specially formulated oil for pre-owned engines. "This is getting good reception and is driving extra market traction," says Karthikeyan. Biking accessories have also been introduced, adding another dimension to their product offerings.
DriveX's ambitious roadmap includes achieving a pan-India presence with 500 retail outlets by 2027. Their strategic focus on innovation, expansion, and customer satisfaction positions them well to transform the refurbished two-wheeler market across the country.
The company's aggressive expansion plans reflect its commitment to meeting growing demand while maintaining high service standards. With these initiatives, DriveX aims to solidify its position as a leader in the refurbished two-wheeler market in India.
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