Dubai-based pay-per-minute car rental platform Udrive raised $5 million as it seeks to expand its services across the Mena region and Turkey.
Cultiv8, Dubai government’s SME and start-up investment arm, and Oman Holding International (OHI) participated in the company's latest funding round, Udrive said on Monday.
“The recent funding secured will help us invest in new technologies as well as grow our offerings into the region this year,” said Nicholas Watson, chief executive and co-founder of Udrive.
Raising money was never about just the funds, but our ability to operate at scale and bring true change to old incumbent business models
Nicholas Watson,
chief executive and co-founder of Udrive
“Raising money was never about just the funds, but our ability to operate at scale and bring true change to old incumbent business models. We started this concept in the UAE and are now continuing our expansion across the region.”
Car-sharing apps that allow customers to rent a vehicle by the hour, or even the minute, have been growing in popularity. The pay-by-use model helps drivers to save on insurance and maintenance costs, and car loan repayments.
More consumers are now open to vehicle subscription services, according to a 2020 survey of car industry executives conducted by management consultancy McKinsey.
The number of car-sharing users is expected to reach 60.7 million by 2026, according to Statista.
Udrive will use the proceeds to expand in the region and enhance its technology, the start-up said, while also focusing on streamlining customer experiences.
Founded in January 2017 in Dubai, Sharjah and Abu Dhabi, Udrive was in the midst of its series A funding round when the coronavirus pandemic struck, bringing its funding to a standstill, its founder said in February last year.
The company later secured $2.5m in a seed+ round in 2020 before raising $1.3m through Eureeca, the Dubai-based equity crowdfunding platform, in January last year.
After closing its $5m funding round in 2021, the company’s valuation hit $20m, Mr Watson said.
Udrive has clocked two million trips to date, making it one of the largest rental booking platforms by transactions per car in the region, the company said.
“Mobility tech is one of the key investment sectors our technology fund focuses on and Udrive perfectly fits the fund’s guidelines,” said Arif Alawi, chief executive of Cultiv8, a growth stage, tech-focused investment management company.
Cultiv8 is wholly owned by the Mohammed bin Rashid Fund for SMEs and is regulated by the Dubai Financial Services Authority.
Muscat-based OHI's investment will support Udrive’s target to double its annual revenue target and vehicle fleet, the start-up said.
“We can expect to see radical shifts in how cars will be used both globally and regionally,” said Eihab Saleh, director and chief executive of OHI.
“We are confident that their [Udrive's] product road map is expected to significantly change the way cars are utilised in the Menat region.”
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Killing of Qassem Suleimani
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
More from Rashmee Roshan Lall
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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Fixtures
Sunday, December 8, Sharjah Cricket Stadium – UAE v USA
Monday, December 9, Sharjah Cricket Stadium – USA v Scotland
Wednesday, December 11, Sharjah Cricket Stadium – UAE v Scotland
Thursday, December 12, ICC Academy, Dubai – UAE v USA
Saturday, December 14, ICC Academy, Dubai – USA v Scotland
Sunday, December 15, ICC Academy, Dubai – UAE v Scotland
Note: All matches start at 10am, admission is free
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
Naga
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