Drivezy eyes $60 Mn Series C round at $400 Mn valuation

Car and bike rental marketplace Drivezy is looking to raise next round at over $400 million valuation, an almost four-fold jump from the last round when it raked in $20 million in late November.

The Bengaluru-based startup is raising $60 million in Series C round and its likely to be closed by the end of January, reports ET.

The Y Combinator-backed peer-to-peer vehicle sharing platform may bring Japan-based investors for the latest round, however, the confirmation on the same is yet to come. Drivezy is already backed by Japnese investors such as Das Capital and Yamaha Motors.

One of the biggest rounds in this segment could be crucial for Drivezy as it is planning to expand its marketplace and integrate advanced services. Besides, the Ashwarya Singh-led startup looking to double down on two-wheeler segment especially in tier-II, tier-III cities.

Currently operational in Hyderabad, Kochi, Nagpur, and Manipal, Drivezy claims to aggregate more than 7,000 cars, motorcycles and scooters from over 2,000 owners on its platform.

Further, it plans to launch its services in Chennai, Delhi NCR, Chandigarh, Jaipur, and Kolkata soon.

During the last round, Drivezy also revealed its plan to bring over 50,000 vehicles on its platform through $100 million debt finance from AnyPay. The monetisation will be based on a revenue-sharing mechanism between Drivezy and the Japanese payments firm.

So far, the three-year-old startup has raised over $31 million risk capital including $8 million ICO round concluded in April, this year.

On the competition front, Drivezy competes with Zoomcar, Carzonrent, Ola’s Rental, and Uber’s Hire.