Vehicle sharing startup Drivezy has raised Series B funding of $20 million for growth and asset financing of $100 million to add new vehicles.
The Bengaluru-based startup shall induct more than 50,000 vehicles as a part of the asset financing deal. The equity funding round was led by existing investor Das Capital and other investors who participated in the round include Yamaha Motor, Axan Partners and IT-Farm. Drivezy is a Y-Combinator and Google backed self-drive car rental company in India.
From being featured in a list of 42 most innovative Indian startups to raising 20 million USD on equity funding and securing 100 million USD on asset financing….we’ve been on a roll in 2018.
And it’s all thanks to you guys!
— Drivezy (@DrivezyIN) November 28, 2018
This round takes the total equity raised by the company to $31 million. The $100 million asset financing that Drivezy has raised will be deployed over a period of three years, through a special purpose vehicle – Harbourfront Capital, which will focus on investment in global shared assets.
Drivezy, founded in 2015 by Ashwarya Singh, Abhishek Mahajan, Hemant Sah, Vasant Verma and Amit Sahu is focussing on scaling its bike and scooter rental divisions.
The company has partnered with OYO and Ola in Hyderabad and since January this year.
It also collaborated with Hyderabad Metro to place bikes and scooters at major metro stations.
It has services in four cities this year – Hyderabad, Kochi, Nagpur and Manipal and aims to start in Chennai, Delhi NCR, Chandigarh, Jaipur and Kolkata over the next few months.
Other car rental platforms in India are Sequoia-backed ZoomCar and Delhi-based Carzonrent.
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