Indian vehicle sharing startup Drivezy in talks to raise $100m financing

Photo by Alessio Lin on Unsplash

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.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.