Drivezy, a startup company that provides autonomous cars and bike on demand, is very close to finishing up a deal to raise $60 million in Series C funding. The company also recently raised $20 million in November during a Series B funding round. This new funding push hopes to strengthen the company's financial outlook and their effort to continue to grow their business.
The three-year-old startup has a bevy of investors who have already reposed their faith in it. These include Das Capital, Bain Capital, Accent Equity Partners and IT-Farm Corp. While Das Capital is an investment arm promoted by Japanese investor Shinji Kimura, Bain Capital has former US Presidential candidate Mitt Romney as one of its founders. Apart from these distinguished investors, Drivezy’s last round witnessed Japanese automotive major Yamaha also participating in the funding through its Silicon Valley-based Innovation and Mobility Fund.
Though there is no official confirmation on this $60 million investment proposal, it is reported that talks are in the final stages and the announcement may come through by the end of January 2019. And it is expected to take the startup’s valuation to $400 million, a huge leap from what it was just a month back.
Drivezy has an alternate funding model in the form of Asset financing through which it is able to make purchase of the vehicles it deploys on the roads to facilitate its customers to hire and ride. It has raised $128 million through this route including $100 million last month. There was a Japanese connection there too, with AnyPay, the Japanese firm backing the asset financing operation.
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