UAE’s homemade brand Udrive, which provides minute-by-minute car rental services to residents and tourists, recently completed another funding round to attract a strategic investment of $ 5 million.
In July 2021, Udrive announced that it had completed a $ 5 million funding round led by a regional business leader and three venture capitalists. Udrive recorded strong growth in 2021 with 2 million trips, making it one of the largest rental booking platforms per vehicle in the region.
Udrive supports short-term on-demand rentals by adding additional services such as free fuel, parking and comprehensive insurance to all customers. The car can be driven per minute or per day, depending on the needs of the customer. Cars can be picked up from any available location or returned to any parking location in the same city.
The mobile app acts as a multi-purpose digital hub for private transportation, payment, customer service and logistics, significantly reducing time compared to traditional rental companies.
Udrive’s new funding comes from Dubai Cultiv8 and Oman Holding International (OHI).
Arif Alawi, CEO of Dubai Cultiv8, said: With the newly formed board and management, we are excited to see Udrive continue to grow in triple digits across the MENAT region in 2022. “
Based in Muscat, which owns Budget Oman, OHI supports Udrive’s efforts to increase revenue and vehicle fleet.
Eihab Saleh, Director and CEO of OHI, said: “With the vision of driving this change, Udrive has presented a clear plan for successful entry into new markets, facilitating investment in Udrive. Their product roadmap is MENAT. I am convinced that it is expected to significantly change the way cars are “consumed” and used in the region. “
This investment will support Udrive for future expansion in the region and enhancement of its technology. More emphasis will be placed on streamlining the customer experience. One example is the automatic parking payment system. In this system, the car decides where to park and automatically pays the associated meter fee.
“We are digitizing mobility and making it easily accessible to everyone. The funds we have recently secured will not only invest in new technologies, but also grow what we offer to the region this year. We want to bring this service to everyone who can drive it. In reality, customer demand is rapidly shifting from buying and owning to on-demand and subscription, “said Udrive CEO. And co-founder Nicholas Watson said.
Car-sharing platforms are growing exponentially not only in the Middle East but around the world. According to a Valuates report, the global car-sharing market will reach $ 103 billion by 2025, with a CAGR of 17.2% during the forecast period. In addition, KPMG reports that nearly 50% of car owners will no longer want to own a car by 2025, and another report by Research and Markets reports that 4 out of 10 car trips. Claims that the times are due to car sharing.
https://gulfbusiness.com/dubai-cultiv8-and-oman-holding-international-invest-5m-in-udrive/ Dubai’s Cultiv8 and Oman Holding International have invested $ 5 million in Udrive