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Dubai-based Udrive closes $5m funding round

Dubai-based Udrive closes $5m funding round
Udrive was the first to fractionalise mobility

UAE - Mubasher: Dubai-based startup Udrive, the app-based pay-per-minute car rental service, has closed a $5 million funding round led by prominent regional business leaders and three venture capitalists.

The new group of investors includes Cherif Sleiman of Infoblox and Asif Keshodia, former CFO of Souq.com, subsequently acquired by Amazon, which will benefit Udrive while seeking to accelerate its expansion across the UAE and enter the Saudi market, according to a press release on Tuesday.

The startup will use the funding in improving the data analytics capabilities of its platform and offer customers greater transparency into their trips and a better understanding of pricing models and potentially lower fees.

Udrive is also extending its businesses across the Middle East, North Africa, and Turkey (MENAT) over the next six months, doubling its fleet size over the next three months, and targeting 500% revenue growth in the next 12 months.

Launched in 2016, Udrive was the first to fractionalise mobility by introducing the rent-by-the-minute concept to the region.

Udrive’s Founder, Hasib Khan, said: "With EXPO 2020 around the corner, this mentality and temporary use of assets creates additional opportunities in an already large total addressable market for Udrive."

Meanwhile, the Managing Director, Nicholas Watson, remarked: "With our new strategic investors, we now have unfettered access to invaluable experience in regional market dynamics, FinTech, and mobility — a perfect combination for where we are heading."