What is Narain Karthikeyan up to after racing?

Narain Karthikeyan, in a free-wheeling chat, reflects on his start-up venture, DriveX, the CoASTT circuit he helped develop, and the future of motorsport

It is not every day you get driven around by a Formula One racer. On a sunny Wednesday afternoon, Narain Karthikeyan, 47, was behind the wheel of his sleek black SUV, taking us on a personal tour of the Coimbatore Auto Sports and Transport Trust (CoASTT) circuit, which he helped create. Now, as an entrepreneur, smart casuals have replaced his racing gear. Instead of strategising with his team over the radio, he was discussing business with various stakeholders while driving (PSA: Don’t use the phone while driving! Narain can get away with it because, well, he is Narain and was driving on a traffic-free tarmac). As we cruised around the quiet, 3.8km bidirectional circuit, Narain shared insights into his latest venture, DriveX, a three-year-old startup focused on buying and selling pre-owned two-wheelers, looked back at his racing days, and looked forward to a glorious future for Indian motorsports.

Narain’s long and illustrious racing career extended beyond Formula One, where he became the first-ever driver from India. Until 2019, he enjoyed a successful stint in the Super GT series in Japan, representing the Honda-affiliated Nakajima Racing team and competing with renowned racers including Jenson Button. “I had a good season, competing in races with large grids and crowds. Super GT cars are incredibly fast, close to the speed of single-seaters you see in F1. I even had a first-place finish in one of the races,” he recalls.

Then, COVID-19 put the brakes on his racing — and pretty much everything.

Though Nakajima Racing offered a contract extension when Super GT resumed, Narain, now in his 40s, realised he had to make way for younger, talented racers. Like his fellow Indian F1 driver Karun Chandhok, he tried punditry. It did not suit him. He wanted something more hands-on.

“During the pandemic, I noticed the struggles of people who had to commute to work without safe yet affordable transportation. Entry-level scooters were too expensive, costing about a lakh. Inspired by my knowledge of the automotive industry and experience in refurbishment, I thought about offering a subscription and leasing service for used two-wheelers,” says Narain.

Thus, DriveX was born. Leveraging Narain’s strong brand value and the positive response from early customers, it quickly gained traction and secured the backing of TVS Motor Co. Today, it has evolved into a platform for purchasing pre-owned two-wheelers. According to Narain, with a customer base of 1.50 lakh, the company retails 2,100 vehicles per month and services 12,000 vehicles. It reported revenue of ₹35 crore in FY24 (compared to ₹7 crore in the previous year). The fast-growing company, headquartered in Bengaluru, has 57 retail outlets across India.

Narain’s entrepreneurial shift is not surprising, given his lineage. Hailing from the renowned PSG business house in Coimbatore, business was ingrained in his DNA. “My connection to automobiles made it natural for me to pursue a venture in the automotive industry. Also, my passion for speed and racing started with two-wheelers. When I visited my aunt in America, she gifted me a Z50 Honda. That’s what got me into racing. So, DriveX seemed like a perfect fit.”