According to The Australian Financial Review, Australia's largest car rental provider for ride sharing drivers has raised $220 million in debt financing from the world's largest fleet management business, on top of a $7.2 million cash injection.
The business, which was launched in July 2015 with the intention of letting anyone generate an income by driving for Uber, even if they don't own a car, owns and manages 1700 vehicles throughout Australian capital cities, Toronto, Mexico City and London and this new funding will let the company expand its fleet to 15,000 vehicles in the next few years.
The financing, which came from Element Fleet Management, will enable the company's international expansion, as it's in the process of securing deals with car manufacturers.
The business charges a $269 a week rental fee, but also offers a slightly higher-priced deal in which, after three, four or five years, the driver can own the car.
The $7.2 million investment from Element was in exchange for 12.5 per cent equity in the company.
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