After closing Series B, Drivezy eyes $60 million funding

Close on the heels of a $20 million Series B closure last month, vehicle sharing startup Drivezy is in the final stages of finalising a $60 million funding round.

The Bengaluru-based startup expects to close the latest round of about Rs 432 crore by end-January. It will raise the valuation of the three-year-old company to about $400 million, a four-fold jump from its November valuation, according to two sources briefed on the matter, who spoke to Economic Times.

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Drivezy aims to double down on its vehicle sharing platform, particularly its two-wheeler segment, with the fund infusion, according to the Economic Times report.

Current investors in Drivezy are Das Capital, the investment firm founded by Japanese serial entrepreneur and investor Shinji Kimura, Bain Capital, Accent Equity Partners and IT-Farm Corp. In November Japanese automotive giant Yamaha Motor Company also joined the Series B round through its Silicon Valley-based Innovation and Mobility fund.

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Formerly known as JustRide, Drivezy also secured a $100 million asset financing deal, backed by Japan’s AnyPay, which it plans to use to further build its vehicle fleet.

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