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Drivezy raises Series B funding of $20 M in equity and asset financing of $100 M

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Drivezy has raised equity financing of $20 million for growth and asset financing of $100 million to add new vehicles.

Bengaluru-based vehicle sharing marketplace Drivezy has raised Series B funding of $20 million. It has also secured $100 million in an asset financing deal under which the company shall induct more than 50,000 vehicles. The round was led by existing investor Das Capital. Other investors who participated in the round include Yamaha Motor Co. Ltd., Axan Partners and IT-Farm.

With this round of funding, the total amount of equity funding raised by the company will be at $31 million. The $100 million asset financing that Drivezy has raised will be deployed over a period of three years, through a special purpose vehicle (SPV); Harbourfront Capital, which will focus on investment in global shared assets.

An SPV is often used by companies to securitise assets. Its operations are limited to the acquisition and financing of assets as a method of isolating risk.

The establishment of the financing mechanism by AnyPay Inc. for investments in shared assets is the first of its kind’ in the growing Indian sharing economy. Drivezy has worked consistently with AnyPay to deploy innovative channels for financing and enlisting assets in its marketplace.

Drivezy Founders

Drivezy's plans

Speaking of the fund raise, Abhishek Mahajan, Co-founder, Drivezy, says,

“We intend to add 10,000 bikes to the platform by next month, induct 50,000 vehicles from the funds........

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