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.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
UAE currency: the story behind the money in your pockets
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
WORLD CUP SEMI-FINALS
England v New Zealand
(Saturday, 12pm UAE)
Wales v South Africa
(Sunday, 12pm, UAE)
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Read more from Aya Iskandarani
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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