UDrive’s plans with its latest $5M Series B funding
The app-based car rental company, UDrive has raised $5 million in Series B, from commercial, institutional as well as private investors.
The platform offering easy car rentals on pay-by-the-minute as well as per-day basis has been gaining popularity in the country, especially among recent expats who are uncomfortable with commitments of car ownership.
UDrive's $1 million Series A saw investor’s return triple owing to its unprecedented growth in the market. It plans to raise its Series C in the next 18 months. Regarding the capital it has recently raised in Series B, it plans to expand its fleet of premium cars, adding Mercedes, Audi and Mustang models, as well as launch its services in Saudi Arabia and other viable locations in the GCC.
The car-sharing model is increasing in popularity across the world; especially since the young Gen Z and Millennials are becoming more cautious of spending money. The expat-dense population also contributes to the demand for such services in an uncertain job market, as they come without commitments and easy streamlined processes.
Read more about UDrive’s Series B here.