Dubai based start-up Udrive closes $5mln funding round

New funding to be used to expand fleet, enter new geographies

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Dubai based start-up Udrive, an app-based pay-per-minute car rental service, closed a $5 million funding round led by 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, it said in a statement.

The company intends to utilise the funding to accelerate its growth—by doubling its fleet size over the next three months and targeting 500 percent revenue growth in the next 12 months.

It will also further enhance the data analytics capabilities of its platform, to improve customer experiences.

Udrive is also expanding across the Middle East, North Africa, and Turkey (MENAT) over the next six months as it looks to capitalise on the demand for fractionalised mobility in these markets, it said.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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