Udrive, a car rental service startup based in UAE, raised $5M in the latest bridge round with strategic investments from Cultiv8 and Oman Holding International.
Udrive is a pay-per-minute car rental startup that caters for drivers in Dubai, Sharjah, and Abu Dhabi as a cost-effective, short-term driving solution. It lets drivers book a car through the Udrive app or the website, pick it up at a nearby location and start their journey.
The consumer demand has recently shifted from owning and buying cars to on-demand and subscription, The success of Udrive further validates this demand. It is now one of the largest rental booking platforms by transactions per car in the region, having recorded up to two million trips to date.
Along with short-term on-demand rentals, it offers additional services including free fuel, parking, and comprehensive insurance for all its customers.
“We are digitizing mobility making it easily accessible to everyone. The recent funding secured will help us invest in new technologies as well as grow our offerings into the region this year.”
~ Nicholas Watson, CEO and co-founder Udrive