Disrupting Mobility with Drive X From mastering the high-speed intensity of Formula One to navigating the complexities of the mobility business, Karthikeyan's journey reflects a rare blend of speed, precision, and strategic foresight. DriveX stands at the crossroads of technology and mobility, poised to redefine India's pre-owned two-wheeler market — with Karthikeyan firmly at the wheel.

Narain Karthikeyan, India's first Formula One driver turned entrepreneur, shared insights on his journey from the racetrack to building DriveX, a pre-owned two-wheeler mobility platform. Karthikeyan revealed how his experience in motorsport has shaped his approach to business and innovation in India's fast-evolving mobility sector.

Karthikeyan, who became the first Indian Formula One driver in 2005, reflected on how his time in motorsport laid the groundwork for his transition into entrepreneurship. "I've been connected with the automotive ecosystem for nearly two and a half decades, working with manufacturers and learning about teamwork, innovation, and decision-making under pressure," he said. These lessons, he noted, have translated well into the business world, particularly as he navigates the challenges of scaling DriveX.

Launched in April 2020, at the height of the pandemic, DriveX initially operated as a subscription and leasing platform. However, the demand for personal mobility solutions during the pandemic led to a strategic pivot. "At that time, everyone wanted personal mobility and no one wanted to travel on public transport," Karthikeyan explained. Recognizing the untapped potential in India's massive pre-owned two-wheeler market — approximately 23 million units transacted annually — DriveX shifted its focus to becoming a retail platform for pre-owned two-wheelers.

One of the major challenges, Karthikeyan said, was building trust in the used vehicle market. To address this, DriveX set up its own refurbishment centers and introduced a rigorous 120-point quality check. "Our tagline is 'as good as new.' We tend to produce very high-quality vehicles every time," he said, underscoring the importance of customer confidence in driving growth.

Technology has played a pivotal role in DriveX's strategy. The company recently rolled out a self-evaluation tool that allows consumers to assess the market value of their vehicles. "No other pre-owned platform in the automotive industry has this kind of tool," Karthikeyan said. "It's a consumer-facing innovation that gives better transparency and pricing clarity." The goal, he added, is to make DriveX a fully digital-first platform, even though digitizing a B2C product in a market like India presents unique challenges.

The discussion also touched on the future of electric vehicles (EVs) in India. Karthikeyan acknowledged that while EV adoption is growing, significant hurdles remain. "Battery technology and infrastructure are evolving, but ICE (internal combustion engine) vehicles will remain for a while because of issues like range anxiety and residual value," he said. However, he remains optimistic about the long-term shift. "Urbanization and awareness about EVs' lower running costs and environmental benefits will drive adoption, but it will happen gradually."

Karthikeyan highlighted DriveX's ongoing discussions with manufacturers to establish a pre-owned EV segment. "Repowering older vehicles is a challenge due to issues with battery management systems and thermal management," he explained. However, he believes that as volumes increase and technology improves, the pre-owned EV market will gain traction.

On the broader automotive landscape, Karthikeyan pointed to the role of Formula E in driving technological innovation. "Formula E has been around for 10 seasons now, with eight manufacturers involved. It's a major R&D platform, and the technology developed there will eventually trickle down to everyday vehicles," he said.

Speaking about whether he missed racing, he smiled. "It's the most exciting sport, no doubt. But all athletes have a shelf life," he said. He explained that his deep connection with the automotive world made entrepreneurship a natural next step.

Karthikeyan also addressed hydrogen and hybrid technology. "Hydrogen-powered vehicles are taking off in Japan, with Toyota leading the way. But commercial viability remains a challenge due to costs and volatility," he said. He remains confident that both hydrogen and hybrid technologies will become more mainstream as technological barriers are overcome.

Safety and driving culture also emerged as key themes. Karthikeyan emphasized the need for better road safety awareness, particularly for two-wheeler riders. "We have a test track in Coimbatore where we are trying to educate riders and drivers to be safer," he said. "Vehicles are getting faster, but civic sense around riding and driving hasn't kept pace."

As for the future of DriveX, Karthikeyan hinted at ambitious plans. "We want to set up DriveX technology centers dedicated to repowering EVs and expanding the exchange program with manufacturers," he said. Despite the challenges of navigating a rapidly changing market, Karthikeyan remains confident in DriveX's trajectory. "The space is evolving every day — and we're evolving with it."

Narain Karthikeyan was speaking at the Entrepreneur India Tech & Innovation Summit, moderated by Ritu Marya, Editor-in-Chief of Entrepreneur Media (India & APAC).