Drivezy, an India-based vehicle rental services provider backed by automotive and motor manufacturer Yamaha, is raising $100m in capital from unnamed investors in the US, Singapore, China and Japan, TechCrunch reported yesterday.
The company is currently targeting a $400m valuation for the fundraise, but rather than trying to secure all the money in a single series C round, it is taking in funding on a rolling basis, and as such the valuation may change over the course of the process.
Drivezy is concurrently hoping to secure an additional $400m in asset financing in order to build out its inventory.
Founded in 2015, Drivezy operates an online platform that allows users to rent bikes and cars from each other as well as from the company’s own managed fleet. Its users include both private consumers and car dealerships looking for additional revenue streams.
The service processes more than 53,000 bookings for cars each month while its two-wheeled vehicles, which primarily consist of motorcycles, are booked a combined 30,000 times a month.
The funding will support international expansion efforts, including launches in the US next month and in Indonesia, Thailand and Singapore later this year.
Drivezy received $20m in a November 2018 series B round featuring Yamaha that was led by venture capital firm Das Capital and also backed by Axan Ventures and IT-Farm. Payment technology provider Anypay supplied $100m in asset financing for the company at the same time.
Crowdsourcing marketplace Crowdworks had contributed to Drivezy’s $10m series A round in late 2017 together with Das Capital, Axan Ventures and IT-Farm.
Pneumatic automation products manufacturer SMC took part in a $3m bridge round for Drivezy the year before alongside Axan Ventures, IT-Farm, Susa Ventures and Kima Ventures as well as three partners of accelerator Y Combinator and assorted angel investors.
