In keeping with two sources conscious of the event, Yamaha, which is an present investor in Drivezy by way of its Silicon-Valley-based enterprise funding arm Innovation and Mobility Fund, might make investments from its steadiness sheet this time within the firm’s ongoing Sequence C spherical.
Drivezy is a Y Combinator summer time 2016 batch startup. It has up to now raised $28 million in fairness financing from the likes of Das Capital, the funding agency based by Japanese serial entrepreneur and investor Shinji Kimura, Bain Capital, the multi-asset different funding agency cofounded by former US presidential candidate Mitt Romney, European funding agency Accent Fairness Companions and IT-Farm Corp.
As well as, it has additionally secured a $100-million asset financing deal, backed by Japan’s AnyPay, which it deliberate to make use of to construct up its automobile fleet. Total, the corporate has raised an estimated $128 million in asset financing to this point.
Drivezy co-founder Ashwarya Singh didn’t reply to calls and messages despatched by ET. Funding banks Cilix Capital and Kotak are believed to be dealing with the mandate for the fundraising spherical, in accordance with the sources cited above.
The corporate had initially deliberate to lift an estimated $60 million in financing, and held discussions with SoftBank at a time when the Tokyo-based strategic funding large was taking a look at offers within the enterprise capital-backed Indian mobility area.
Nevertheless, investor curiosity within the section has cooled, with a lot of marquee companies preferring to undertake a wait-and-watch stance, at the same time as startups working within the area appeared to scale whereas bettering their unit economics.
Bounce, which competes with Drivezy, lately introduced a $105 million financing spherical led by its present traders, B Capital Group and Accel Development. Individually, scooter sharing startup Vogo was reported to have raised $35 million in January, led by Lightstone Aspada, having been out there for recent funding for months.
Based in 2015 by Singh, Amit Sahu, Abhishek Mahajan and Vasant Verma, Drivezy, which was previously often known as JustRide, claims to be largest mobility platform in India, doing 110,000-120,000 rides a month.
The corporate operates in 11 cities throughout the nation together with Bengaluru, Mumbai, Pune and Hyderabad, and likewise launched its companies in San Francisco in June final 12 months. In keeping with knowledge shared by the corporate, it operates 17,000 two-wheelers and 4,000 four-wheelers.