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Report: SoftBank, Amazon in talks to invest in Indian car-rental platform

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Report: SoftBank, Amazon in talks to invest in Indian car-rental platform

SoftBank Group Corp. and Amazon.com Inc. are in talks to invest in India-based car-rental platform Drivezy, The Economic Times (India) reported March 25.

The companies reportedly are participating in Drivezy's $100 million equity financing round, during which the car rental platform is also expected to raise another $400 million in asset financing.

Amazon is eyeing Drivezy's metasearch platform Rayy, a multiproduct platform that allows manufacturer and individuals to list their products on it to rent or share, the report added, citing two sources briefed on the developments.

Softbank, Amazon and Drivezy declined to comment on the matter, according to the report.

The transaction could be a mix of equity and debt financing, with SoftBank possibly investing through its $100 billion SoftBank Vision Fund LP.

"A deal is likely to take between 2 and 3 months to close, but there has been a lot of interest, and there is a good build-up … The market is currently extremely bullish on mobility," the report added, citing a source who spoke on the condition of anonymity.

The mobility company that has so far raised about $35 million in equity financing, counts Das Capital, Bain Capital LP, Accent Equity Partners AB and IT-Farm Corp. among its investors.

Drivezy also secured a $100 million asset financing deal to build up its vehicle fleet. The deal is backed by Japanese online payment services provide AnyPay.