Close on the heels of raising a $20-million funding round, vehicle sharing marketplace Drivezy, formerly known as JustRide, is close to raising another $100 million in equity funding.
The Bengaluru-based company is raising another $400 million in asset financing, which will help it enter new markets and integrate advanced services.
In November last year, Drivezy had raised $20 million in its Series B round of funding led by existing investor Das Capital with participation from Yamaha Motor Co Ltd, Axan Partners and IT-Farm. In that round, the company had also secured an additional $100 million in an asset financing deal for adding around 50,000 vehicles.
At the time, Drivezy had said that the funds would be deployed over a period of three years through a special purpose vehicle, called Harbourfront Capital, which will focus on investments in global shared assets.
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.
The company claims to cater to over 1.5 million users in 10 cities and has more than 8,000 vehicles on its platform. It aims to expand to 21 cities by March 2020. It also has plans to expand into the Southeast Asian market including Thailand, Singapore, Vietnam and Indonesia, as well as the US by the end of the calendar year.
“This fresh investment will allow us to cement our foothold as the market leader in a growing Indian vehicle sharing market. We aim to go deeper into existing markets and are evaluating new international markets in South East Asia and other regions,” said CEO Ashwarya Singh.
In the Indian vehicle sharing segment, Drivezy competes with players like Sequoia Capital-backedZoomcar, Hyundai-backed Revv and Bounce, which is also in the market to raise $50 million.