A top vehicle-sharing startup company out of India, Drivezy is preparing to fund raise over $100 million in equity funds and another $400 million through asset financing as apart of their push to grow into the United States.
According to a report in TechCrunch citing the company, the $400 million in asset financing will go to build its inventory that is combined with the vehicles users provide. Per the report, Drivezy said the capital raise will be a Series C round and that it’s being raised with a valuation of $400 million. The round is staying open for around a year, said Ankur Sengupta, head of business development at the company, who said the company will continue to raise money on an ongoing basis. The valuation will change according to those efforts, the executive said. “The valuation we are working at now is $400 million, but we will keep accepting investments, at different valuations,” he said.
While Drivezy would not identify the investors, the startup it did say the round will include a big Japanese investor as well as investors from the U.S., China and Singapore. Yamaha Motor Company, Axan Partners and IT-Farm, as well as Y-Combinator, are previous backers of the startup, noted the report. Three months prior the company raised $20 million in venture funding led by Das Capital. The Series B funding raising was in conjunction with raising $100 million in asset financing.
Read more here
Join us in Bangkok the 19th to the 21st of March for the Property Portal Watch Conference.