Vai Car raises R$380m to expand rental outsourcing

With a business model based on outsourcing car rentals to the fleets of other chains, mainly for ride-sharing drivers, Vai Car has borrowed R$380 million with bonds to finance its expansion. The startup aims to have 25,000 passenger vehicles in the next 18 months available through its app-based environment. The company doesn’t disclose its current fleet, but Valor has learned it’s bigger than 10,000 vehicles. It currently operates in São Paulo and will use the funds to reach other cities. The private bond placement was coordinated by XP Investimentos and included BTG Pactual’s hoostLab. Bank BMG and Bossa Nova Investimentos aided the transaction and also invested in the startup.

Source: Valor Econômico