Bengaluru-based luxury car rental startup HYPE Technologies is in talks to raise USD 25-30 million in a Series A round of funding, from venture capitalists and car makers including BMW Group India and Mercedes India.
HYPE is also in talks with private equity investors and finance management companies, the company’s chief executive Raghav Belavadi told Livemint.
Belavadi said 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.
Post the funding, HYPE plans to pivot into an ownership model, according to Belavadi.
The startup provides services in seven cities, including New Delhi, Mumbai, Bengaluru, Hyderabad, Chandigarh, Chennai, and Goa.