Applying Learnings From Motor Racing on Affordable Mobility Platform Former F1 racer Narain Karthikeyan is confident of exponential growth of DriveX
By Deepa Vaidya •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
"Motor racing is a teamsport and Formula 1 is a very complex business. It bears a lot of similarities with business. It is all about cutting-edge technology, agility, innovation and so on. I can relate very closely to what I am doing in terms of our digital platform. So yes, a lot of good learnings and I think all the experiences and the connect with the automobile ecosystem will definitely fuel our ambitions." These words are from motor car racer-turned-entrepreneur, India's first entry to F1 racing and Padma Shri awardee, Narain Karthikeyan. He launched Asia's first multi-brand, affordable mobility rental, subscription and owning platform, surprisingly, for two-wheelers.
While the pandemic was particularly beneficial for edtech, fintech and e-commerce, the motorcar racer sensed an opportunity in the market for pre-owned two-wheelers.
Says the multi-discipline race winner of single-seater career, "I come from a family of entrepreneurs and it was always something that I wanted to do after my racing career. The pandemic happened and we were all putting ideas together and affordable mobility was on everybody's mind. So in August 2020 we put together a platform called Drivex," he adds.
"We have combined both the subscription and the sale model on a platform so it gives the customers an opportunity to choose the packages they like. We have had a lot of traction in tier V places as well. Also, because of the BS-VI standards which have come in, the affordability for and the market for these vehicles is growing."
Drivex made a start in Chennai, Madurai, Coimbatore and Bangalore. "But we have now expanded into NCR and other parts," he adds.
On funding, says Karthikeyan, "Trust me, sponsorship was a lot easier than finding funding for a platform. They see you as a startup but once they understand the business, the interest grows. In December '21 we got a seed round and then four weeks ago we closed the Series A round."
That was not all. His struggles as a racer have taught him lessons that he applies to his business too. "My success was because of the great team that was behind me. Similarly, in our business, we are trying to build a team that is supportive and very knowledgeable."
From their start in 2020 to 2022, Drivex revenues have soared from INR 47 lakh to INR 20 crore. They are looking at 20x growth this year. Sharing the targets and strategies for his venture, says the Padma Shri awardee, "Opportunity for the sector we are in is huge. Growth has been huge, possibly because of the tailwinds of pandemic as well. But the most important aspect of this is to get the support of the entire ecosystem which we managed to. So yes, we are quite confident that we are going to keep growing as fast as I drive", asserts the confident entrepreneur.
