India car-sharing platform Drivezy gets $10m round

The investment brings the company’s capital raised to data to $16 million. Previous backers include Y Combinator, White Unicorn Ventures, Susa Ventures, Kima Ventures and Japanese financial technology company AnyPay.

The capital will be used to develop a blockchain-based asset sharing system known as Rental Coins that is expected to allow almost one million entrepreneurs to supplement their household income by renting out their assets. The plan is to raise additional capital via a cryptographic token sale that will entitle investors to a share of revenue, generated by rental transactions on the company’s platform.

Founded in 2015 as JustRide, Drivezy offers peer-to-peer vehicle sharing services that provide both an alternative to outright vehicle purchase for consumers and a revenue-generation opportunity for vehicle owners. The company has 1,318 vehicles listed in four cities and claims to have recorded a 246% increase in unique customers during the past year. Its platform is said to have generated a return-on-investment rate of 30%.

“Considering the rising cost of vital assets and resources especially housing and transportation, I believe the future is a shared one,” Ashwarya Singh, CEO and co-founder of Drivezy, said in a statement. “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. The funds raised will fast-track our strategic expansion into new markets across India and global markets.”

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• Topics
• South Asia
• Consumer
• Technology
• Early-stage
• automobiles
• India
• TMT
• Venture