India, July 15 -- TVS Motor Company is doubling down on its investment in pre-owned two-wheeler marketplace DriveX Mobility, cofounded by former Formula 1 driver Narain Karthikeyan, with an investment of INR 64 Cr.

As per the startup's regulatory filings accessed by Inc42, its shareholders approved a proposal in April this year to issue 5,179 equity shares at INR 1.23 Lakh apiece to TVS Motor on a private placement basis to raise INR 63.99 Cr.

The startup said it would use the capital primarily towards repayment of its debt and for general corporate purposes.

A questionnaire sent to TVS Motor on the infusion of funds didn't elicit any response till the time of publishing this story.

Notably, DriveX is a subsidiary of the automotive ma...