Drivezy raised $10 million and ICO for 17,625 ETH raised US$10 million from new and old investors led by Das Capital, Axan Ventures, CrowdWorks and IT-Farm. The peer-to-peer car and bike sharing platform startup headquartered in Bengaluru also announced to conduct an Initial Coin Offering (ICO) to raise more than 17,625 ETH (~US$5 million).

Tinuku Drivezy raised $10 million and ICO for 17,625 ETH

Drivezy announced it has garnered the latest $ 10 million funding from Das Capital, Axan Ventures, CrowdWorks and IT-Farm. Startups set up by Amit Sahu, Abhishek Mahajan, Hemant Sah, Vasant Verma and Ashwarya Pratap Singh in 2015 also announced to conduct ICO to collect at least US$5 million.

Previously, Drivezy has also raised US$6 million from Y Combinator, White Unicorn Ventures, Dheeraj Jain, Punit K. Goyal, Alok Mittal, Susa Ventures, Qasar Younis, Paul Buchheit, Kima Ventures, Justin Kan and IT-Farm. The latest funds will be used to expand peer-to-peer market share for cars and bike.

Singh said the ICO will be used to create Rental Coins as a currency that will transform the global car-sharing industry and accelerate market expansion in India and around the world. Drivezy has partnered with Bitcoin Unocoin to enable bitcoin as payment mode.

Singh also said owners of Rental Coins can transact any value around the world safely without the need for an intermediary. Drivezy believes it will encourage the growth of a collaborative system where all resources are owned by community members.

"The world is turning to a collaborative consumption model and our mission is an aggressive journey to change the way people buy, use, and utilize motor vehicles," Singh said.