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Last Updated : Nov 28, 2018 01:10 PM IST | Source: PTI

Drivezy raises $20 mn funding, secures $100 mn in asset financing deal

The USD 20 million funding round was led by existing investor, Das Capital. Other investors who participated in the series B round included Yamaha Motor Co Ltd, Axan Partners and IT-Farm.

Bengaluru-based vehicle sharing marketplace, Drivezy on Wednesday said it has raised USD 20 million and has secured an additional USD 100 million in an asset financing deal.

The USD 20 million funding round was led by existing investor, Das Capital. Other investors who participated in the series B round included Yamaha Motor Co Ltd, Axan Partners and IT-Farm.

With this, Drivezy has accrued cumulative equity investments of USD 31 million.

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The funding will be used to expand its presence into new markets and integrate advanced services, Drivezy said in a statement.

Detailing out the asset financing deal, the statement said, Drivezy plans to induct over 50,000 vehicles under the plan.

The company said, Harbourfront Capital (a SPV), a subsidiary of Anypay Inc, will invest USD 100 million in purchasing cars, motorcycles and scooters over the next three years.

Drivezy has a revenue-sharing deal with Harbourfront Capital under which these assets will be listed on Drivezy's platform.

The sharing economy in India is thriving and has picked up real pace in the past five years, especially within the mobility sector, Drivezy CEO Ashwarya Singh said.

"This fresh investment will allow us to cement our foothold as the market leader in a growing Indian vehicle sharing market," Singh added.

The company is aggressively scaling its bike and scooter rental divisions which have added 3,000 scooters in Bengaluru and Hyderabad this year under a partnership with Honda Motorcycle and Scooter India.

Drivezy (formerly JustRide) plans to deploy an additional 10,000 bikes and scooters in the two cities by December, the statement said.

Co-founded in 2015 by Ashwarya Singh, Abhishek Mahajan, Hemant Sah, Vasant Verma and Amit Sahu, Drivezy operates peer-to-peer vehicle sharing network with over 2,000 owners as its partners.

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First Published on Nov 28, 2018 01:05 pm
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