Luxury car rental startup HYPE in talks to raise $25-30 million
Bengaluru: Bengaluru-based luxury car rental startup HYPE Technologies is in early talks to raise $25-30 million in a Series A round of funding, from venture capitalists and car makers including BMW Group India and Mercedes India, according to a top company executive.
HYPE is also in talks with private equity investors and finance management companies, the company’s chief executive Raghav Belavadi said in a phone interview.
Belavadi said that HYPE will use the inbound funds to finance purchase of vehicle assets. The startup’s rental fleet offers high-end luxury vehicles such as BMW, Audi, Mercedes, and Maserati. Users book cars for rent directly from HYPE’s website or through its mobile app.
HYPE, which was launched in 2017, runs on an aggregator model, working with dealers, and manufacturers.