Drivezy Raises USD 10 Million from Investors across Three Continents
Drivezy, a self-drive peer-to-peer car and bike sharing company, announced a $10M round of fresh investment. New and existing investors participated, including Das Capital, Axan Ventures, CrowdWorks and IT-Farm. This is in addition to an earlier $6 million round from Y Combinator, White Unicorn Ventures, Dheeraj Jain, Punit K Goyal, Alok Mittal, Susa Ventures, Qasar Younis, Paul Buchheit, Kima Ventures, Justin Kan, IT-Farm. Drivezy has raised a total of $16M to date. In addition to raising this round, Drivezy announces the launch of its first private Initial Coin Offering (ICO) to expand their peer-to-peer sharing marketplace for cars and bikes. A pioneer in the vehicle sharing industry, they are building a platform that aims change the way people purchase, use and sell vehicles. Drivezy will deploy a major part of the new investment to create Rental coins- A currency that would transform the global car-sharing industry.
“Considering the rising cost of vital assets and resources especially housing and transportation, I believe the future is a shared one. The world is moving on to a collaborative model of consumption and our mission is an aggressive journey to change the way people purchase, use and sell motor vehicles,” said Ashwarya Singh, CEO & Co-founder, Drivezy. “The funds raised will fast-track our strategic expansion into new markets across India and global markets.”
Breaking geographic barriers and tapping into the enormous growth potential of sharing economy, Drivezy partnered with Unocoin, a leading Indian Bitcoin exchange company, to accept Bitcoin as a mode of payment. Thus, making Drivezy, the only self-drive car and bike rental company in India to accept cryptocurrency. This technology allows individuals to transact value across the globe securely without the need for any intermediary party. Thereby, fueling the growth of collaborative systems where all resources are shared by the members of the community.
“Few startups appear at the right time, with the right team to up-end a large market, and Drivezy is part of that exclusive club,” said Morio Kurosaki, the President of IT Farm. “We have been strongly supporting Drivezy from the start, and have been impressed by how the team has a clear vision and plan to offer access to cars for the 94% of the population of India who do not currently own a car,” said Julien Nguyen, General Partner at IT-Farm.
“With the growing popularity of Bitcoin in India, we feel that this is the right time to open alternative means in the sharing economy. This ICO is part of our vision to leverage the power of the blockchain to build an open, secure and transparent technology to globalize the Indian car sharing marketplace,” said Ashwarya. He added, “Rental coins can potentially create almost 10 Lakh micro-entrepreneurs who can supplement their household income by renting their assets.”
The ICO had been announced in Japan at a Conference hosted by AnyPay, a Japanese Fintech company who has also invested in Drivezy. AnyPay will be providing Drivezy with ICO advisory support in terms of scheme structuring and token development. The launch of ICO will allow Drivezy’s investors to purchase cryptographic tokens which entitle them to a share of the revenue generated by rental transactions on the platform, which has proven to generate an average RoI of 30%. Further details regarding the ICO may be found at www.rentalcoins.com. “Drivezy is building something more than a simple sharing business; they are building a system that can unify the global sharing economy. I chose to support them as I believe that they have the knowledge and skill to accomplish their vision,” Shinji Kimura, CEO – AnyPay said.
Founded in April 2015, Drivezy (formerly JustRide), allows individual car owners to list their idle cars on the Drivezy platform; the cars are then rented by customers. Since the launch of their vehicle sharing platform, over 800 owners have listed 1,318 vehicles with Drivezy in four cities. With a monthly GMV of over $950,000 per month and a 246% growth in unique customers over the last year, Drivezy is the largest marketplace for vehicle rentals in India.
Founded in April 2015, Drivezy (formerly JustRide) was one among the few startups selected by the prestigious American startup accelerator Y Combinator for the 2016 summer batch and is backed by Google. Drivezy’s strategic approach is an efficient alternative to outright vehicle purchase for consumers, and provides a revenue-generation opportunity for vehicle owners. The company was founded by Ashwarya Singh – Chief Executive Officer, Hemant Kumar Sah – Chief Technical Officer & Co-founder, Vasant Verma – Chief Operating Officer & Co-founder, Abhishek Mahajan – Co-founder and Amit Sahu – Co-founder. Headquartered in Bangalore, Karnataka, Drivezy currently operates in three other cities in India (Mumbai, Pune, and Mysore) and aim to expand to five additional cities by the end of 2017. Drivezy recently entered the bike rental market by launching geared and non-geared bikes in Bangalore. Drivezy’s key financing partners include ICICI Bank, Mahindra Finance, Yes Bank, HDFC Bank and Tata Motor Finance.
About AnyPay Inc.
AnyPay Inc. was founded in June 2016 by Shinji Kimura, a Japanese serial entrepreneur who previously led Atlantis Inc. and Gunosy Inc. AnyPay, Shinji Kimura’s newest venture, is leading the new FinTech wave in Japan and currently provides 2 services, an online payment platform, AnyPay (https://anypay.jp), and a peer-to-peer payment app, Paymo (https://paymo.life). In September 2017, AnyPay has started an ICO advisory service.
Unocoin is India’s leading bitcoin company. It enables Indians to buy, sell, store, use and accept bitcoin. With a mission “to bring Bitcoin to billions”, Unocoin was founded in July of 2013 in the town of Tumakuru, Karnataka and is India’s first entrant into the bitcoin space. Later the company shifted its major operation to Bengaluru. With over 150,000+ satisfied customers and 350+ million in total revenue, Unocoin has been on the forefront of bitcoin revolution in India.