NEW DELHI: Japanese two-wheeler major Yamaha Motor Company is in advanced discussions to lead a $35 million (about Rs 250 crore) funding round in the Delaware- and Bengaluru-based mobility company, Drivezy.

According to two sources aware of the development, Yamaha, which is an existing investor in Drivezy through its Silicon-Valley-based venture investment arm Innovation and Mobility Fund, may invest from its balance sheet this time in the company’s ongoing Series C round.

Drivezy has so far raised $28 million in equity financing from the likes of Das Capital, the investment firm founded by Japanese serial entrepreneur and investor Shinji Kimura, Bain Capital, the multi-asset alternative investment firm co-founded by former US presidential candidate Mitt Romney, European investment firm Accent Equity Partners and IT-Farm Corp.

In addition, it has also secured a $100-million asset financing deal, backed by Japan’s AnyPay, which it planned to use to build up its vehicle fleet. Overall, the company has raised an estimated $128 million in asset financing to date. Drivezy co-founder Ashwarya Singh did not respond to calls and messages sent by ET.

The company had initially planned to raise an estimated $60 million in financing, and held discussions with SoftBank at a time when the Tokyo-based strategic investment giant was looking at deals in the venture capital-backed Indian mobility space.