Drivezy, a startup company focused around the sharing marketplace, is in the later portions of raising $20 million of their current round of fund raising, all while the Bengal company is building up their existing vehicle fleet.
The Series-B round has been led by the company’s existing backer Das Capital, the investment firm founded by Japanese serial entrepreneur and investor Shinji Kimura. The round, which is expected to close by the end of October, according to two sources briefed on the developments, could value the company at about $100 million.
Additionally, Bain Capital, the multi-asset alternative investment firm cofounded by former US presidential candidate Mitt Romney, European investment firm Accent Equity Partners and IT-Farm Corp, three existing investors in the company, have also participated in the round, which is also likely to see the entry of two new investors, likely to be of Japanese origin as well. Ashwarya Singh, CEO of Drivezy, declined comment.
Post the closure of the latest round, the three-year-old summer 2016 Y Combinator batch company will have raised an estimated $40 million in equity financing. Along with the equity financing round, the company is also in the final stages of closing a $100 million asset financing round that is likely to be finalised by November. “The overall outlay for the year is $200 million, of which half is coming from institutional investors, with the rest coming from domestic banks and individual retail franchise owners,” one of the sources cited earlier told ET.
Drivezy will use the proceeds to ramp up its fleet size, which stands at 5,000 motorcycles and 2,800 cars. The company will look to end the current fiscal at 14,000 cars and 30,000 bikes.
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