April 23, 2019

Drivezy Plans To Raise $100 Million Funding

Drivezy, a Bengaluru-based self-drive peer-to-peer car and bike sharing company, is planning to raise about $100 million in equity funding and another $400 million in asset financing. The fundraise is aimed towards expanding international presence.

The company is further eyeing to ramp up the number of vehicles listed on its platform, taking the total to about 80,000 cars and bikes by March 2020. Drivezy has a presence in 10 Indian cities including Bengaluru, Delhi-NCR, Hubli and Manipal. 

Ashwarya Singh, CEO and co-founder, Drivezy, said, "We are looking at raising about $100 million in equity funding and another $400 million in asset financing. We have received strong investor interest and are in advanced stages of closing the round."

"We are present in 10 Indian cities and we will expand it to 21 cities by March 2020. Some of the target cities include Chandigarh, Amritsar, Ahmedabad, Kolkata and Jaipur. While car rentals will be the primary business given its ticket size, there is strong growth in bikes rental business as well that is driving volumes," Singh added. 

Drivezy had raised $20 million funding and secured an additional $100 million in an asset financing deal from Harbourfront Capital (an SPV), a subsidiary of Anypay Inc, in November 2018.

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