Drivezy secures $120 Mn in mix of equity and assets financing rounds

Drivezy

Car and Bike rental marketplace Drivezy has scooped up $20 million Series B round in equity financing led by existing investor Das Capital. The funding round also saw a participation of Yamaha Motor, Axan Partners and IT-Farm. 

The peer-to-peer rental platform also secured $100 million in assets financing round under which it plans to induct over 50,000 vehicles. The assets fund will be deployed through a special purpose vehicle (SPV); Harbourfront Capital. The British Columbia-based firm will help Drivezy to focus on investment in global shared assets.

Besides, the assets financing will be handled by Drivezy’s existing investor and strategic partner Anypay. The Japan-based payment firm was roped in by Drivezy to enable initial coin offering (ICO). Anypay provides advisory support in terms of scheme structuring, token development and more to the Indian company.

So far, Drivezy has raised over $31 million risk capital. In the last round, the three-year-old startup had raised about $8 million in the second round of its initial coin offering (ICO) by offering tokens called RentalCoins – 1.O.

Entrackr had exclusively reported the ICO round which was still open to raise another $5 million.

Steered by Ashwarya Singh, Amit Sahu, Abhishek Mahajan, and Vasant Verma, Drivezy claims to aggregate more than 7,000 cars, motorcycles and scooters from over 2,000 owners on its platform.

Currently operational in Hyderabad, Kochi, Nagpur, and Manipal, it plans to launch its services in Chennai, Delhi NCR, Chandigarh, Jaipur, and Kolkata soon.

This firm has deployed over 3,000 scooters in Bengaluru and Hyderabad in partnership with Honda Motorcycle and Scooters India. Further, it with deploy an additional 10,000 bikes in Bengaluru and Hyderabad by the year-end.

Drivezy directly competes with Zoomcar and Carzonrent and remotely with Ola’s Rental and Uber’s Hire model.

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