Drivezy in talks to raise USD 100 mn funding, eyes international expansion

New Delhi: Drivezy, a self-drive peer-to-peer car and bike sharing company, is looking at raising about USD 100 million in equity funding, and another USD 400 million in asset financing as it enhances domestic presence and lays out international expansion plans.

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

"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," said Ashwarya Singh, CEO and co-founder, Drivezy.

In November last year, the Bengaluru-based company had announced raising $20 million funding and securing an additional $100 million in an asset financing deal from Harbourfront Capital (an SPV) - a subsidiary of Anypay Inc.

As per the agreement, Harbourfront Capital is investing $100 million in purchasing cars, motorcycles and scooters over a three year time period and Drivezy has a revenue-sharing deal with Harbourfront.

Co-founded in 2015 by Ashwarya Singh, Abhishek Mahajan, Hemant Sah, Vasant Verma and Amit Sahu, Drivezy (formerly JustRide) has till date raised equity investments of $31 million.

Investors of the Y Combinator-backed firm include Das Capital, Yamaha Motor Company, Axan Partners and IT-Farm. Its competitors include companies like Zoomcar and Carzonrent.

"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 said.