Mumbai-based peer-to-peer car and bike rental platform Drivezy raised $10 million (Rs 65 crore) in a fresh round of funding from Das Capital, Axan Ventures, CrowdWorks and IT-Farm, the startup said in a statement.

The company will use the funds to enter new markets in India and overseas and create rental coins, its own private currency. The company had earlier announced the launch of its private initial coin offering. Earlier known as JustRide, the company also accepts bitcoins as a mode of payment and has partnered with bitcoin startup Unocoin.

“With the growing popularity of bitcoins in India, we feel that this is the right time to open alternative means in the sharing economy. This ICO is part of our vision to leverage the power of the blockchain to build an open, secure and transparent technology to globalize the Indian car sharing marketplace,” Ashwarya Singh, chief executive officer and co-founder of Drivezy said.

The new round of funding takes the total amount raised by the company till date to $16 million.

Drivezy allows individual car owners to list their idle cars on the company’s platform, which are then rented by customers. The company boasts that it has onboarded over 800 owners and has 1,318 vehicles listed on its platform. Currently, it operates in Mumbai, Bangalore, Pune and Mysore.