Drivezy funding $10 million to bring bitcoin payments. Self-drive car rental firm Drivezy, formerly called JustRide, has raised Rs 65 crore $10 million in a part-equity and part-debt round. We will be launching cycle rentals in Bengaluru next month. We are also looking to launch operations for cars and bikes in Kochi, Udaipur, Chennai, and Hyderabad next, said Singh.
At a monthly growth rate of 25% and 20,000 bookings per month, Drivezy claims to clock Rs 1.3 crore in monthly revenues. Formerly a car-sharing marketplace, the Y-Combinator-backed company shifted to a peer-to-peer aggregator model last year. Drivezy, which launched bike rentals earlier this year, has a fleet of over 1,300 vehicles listed across four cities.
The fleet has about 1,000 cars with the remaining being bikes. The team is also working with NBFCs for financing arrangements. This includes a Tripartite Agreement, where the owner purchases a car, registers it on Drivezy, and the revenue generated goes to the owners. Typically, tour and travel company owners and operators find this model attractive.
For their rental coins, Drivezy has partnered with the Bitcoin exchange company Unocoin to enable bitcoin as a mode of payment. Drivezy’s venture into ICO was announced in Japan at a conference hosted by the Japanese fintech company any pay, which has also invested in Drivezy.