Mumbai based AS JustRide Tours and Travels Pvt. Ltd, which operates car and bike rental platform, Drivezy, has raised $5 million in the first round of its initial coin offering by offering tokens called RentalCoins.
Mint quoted Drivezy’s chief executive officer Ashwarya Singh as saying that existing investors and high networth individuals (HNIs) from Japan and Singapore had participated in the ICO.
An ICO is along the lines of an IPO (Initial Public Offering) and is the means through which new cryptocurrency ventures raise funds. ICOs are unregulated and are often used by companies to bypass the stringent norms of raising money from private equity and venture capital firms as well as banks.
Drivezy used RentalCoins 1.0 as its private cryptocurrency or token. The coins, built on the ethereum blockchain, were developed by the company to create a fleet of collaboratively-owned vehicles accessible to customers.
Drivezy runs a platform that allows car owners to lease their vehicles to the company, which in turn rents them out to customers.
The Mint report stated that the company has more than 1,300 cars listed by more than 800 owners. Drivezy says it has more than 500,000 registered users.
As part of the ICO, Drivezy offered 12.5 million RentalCoins on sale at a value of 0.00141 ETH.
The ETH or Ethereum value will determine the amount of the revenue each user is entitled to post the number of rentals on the platform.

At the close of the first round, which kept the minimum purchasable units at 12,500, nearly 3 million tokens were sold.
Singh told Mint that the company planned to exchange the tokens for dollars through cryptocurrency exchanges in the US.


I have been a developer for last five years working experience in different technology, apart from this I loved traveling, blogging and exploring the crypto world.

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