- Drivezy to raise $30-35 million in its new equity round from the UAE-based sovereign wealth fund, with other private investors at a lower valuation.
- The startup valuation dropped by nearly 26%, from $135 million to $100 million.
- Since its founding, Drivezy has raised $149+ million in its total funding rounds.
Bangalore-based vehicle sharing startup Drivezy to raise $30-35 million in its new equity round from the United Arab Emirates (UAE) based sovereign-wealth fund and other private investors.
Drivezy will raise funds from the UAE-based sovereign wealth fund, with a group of private investors like the Gulf region, Japan’s Yamaha Motor Company, and energy and petrochemical giant Shell Global. said, two people aware of the funding round.
However, Drivezy will raise funds at a lower valuation, drop by nearly 26%, from $135 million to $100 million valuations.
According to the Mint report, Drivezy is also looking shifting its headquarters to the UAE capital Abu Dhabi once the deal goes through, which has now reached the final stage…some of the existing investors may also participate in the funding round.
However, Source doesn’t name the UAE wealth fund from which the startup will raise funds. Private investors and other firms such as the Gulf Region, Yamaha Motors, and other companies will invest in Drivezy.
Drivezy, A Bangalore-based self car rental company operating its services in metropolitan cities like Mumbai, Bengaluru, Pune, Mysuru, Goa, Mangaluru, Hyderabad, Manipal, Nagpur, Hubli, Delhi, Amritsar, Chandigarh, Chennai, Coimbatore, Madurai, Bhubaneshwar, and will soon expand to other cities.
According to Crunchbase, the startup has raised $149.3 million in its total funding rounds including debt financing, venture rounds, and series funding. In 2018, Drivezy raised $20 million in its Series B funding round from Das Capital.
“The Demand from the customer side has been the main source of our revenue for the mobility and vehicle rental sector, but COVID-19 pandemic has completely changed that. Drivezy is now repositioning its strategy to offer a full-stack mobility platform by offering both short-to-long-term vehicle rentals, as well as a new platform to buy or rent brand-new vehicles directly from manufacturers,” said, Ankur Sengupta, head of business operations, Drivezy.