Dubai-based start-up Udrive has closed a $5 million funding round led by regional investors and venture capitalists as it seeks to hasten its growth over the next 12 months.
The car-sharing app aims to double its fleet size over the next three months and has set a target of 500 per cent revenue growth over the next 12 months, it said on Tuesday.
Udrive plans to reach 1,000 vehicles by the end of 2021, up from 500 vehicles currently, it said in an emailed response to questions.
As the UAE adopts a hybrid work model and prepares to host an influx of visitors to the Expo 2020 Dubai world fair in October, the company is expecting increased demand for its services – whether for health and safety reasons or cost benefits, according to founder Hasib Khan.
"The ability to avoid large capital costs associated with owning a vehicle while still having the convenience and the ability to enjoy the driving experience is especially attractive to expats, which make up a large portion of the population in the UAE and broader GCC region," Mr 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."
The pay-per-minute car rental service 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.
When it recommenced, the company secured $2.5m in a Seed+ round last year before raising $1.3m from Eureeca, the Dubai-based equity crowdfunding platform, in January.
Following the closing of its $5m funding round this year, the company’s valuation reached $20m, according to Udrive’s managing director Nicholas Watson.
"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," said Mr Watson.
The new investors include Cherif Sleiman, senior vice president of international business at Infoblox, and Asif Keshodia, former chief financial officer of Souq.com, which was later acquired by Amazon.
Udrive plans to use the funds to accelerate its growth across the UAE and enter the Saudi market. The company will also expand across the Mena region and Turkey over the next six months as it looks to capitalise on demand for car-sharing services in these markets.
The company will also invest in improving the data analytics capabilities of its platform, with a focus on customer experience. This includes providing customers with more transparency concerning their trips, a better understanding of pricing models and potentially lower fees, Udrive said.
The UAE is positioning itself as a technology centre in the region, offering incentives for companies to set up base in the country as it seeks to attract foreign investment, draw high-skilled talent, create new jobs and diversify its economy.
Specs
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Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)
Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)
Monday
AC Milan v Bologna (10.45om)
Playing September 30
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
MATCH INFO
Pakistan 106-8 (20 ovs)
Iftikhar 45, Richardson 3-18
Australia 109-0 (11.5 ovs)
Warner 48 no, Finch 52 no
Australia win series 2-0
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
UAE currency: the story behind the money in your pockets
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
