your password has been reset successfully, Please login again.

DriveU raises $3 million funding in Pre-Series A round

DriveU raises $3 million funding in Pre-Series A round led by multiple investors.
BY BEx Bureau
BusinessEx
Mar 27, 2018

After seeing growth in car rental market, entrepreneurs are now eyeing on drivers rental market. In this space, a Bengaluru-based on-demand driver aggregator startup DriveU has raised $3 million funding in pre-series A round led by a non-profit organisation Singhal Foundation. The other investors that also took part in the funding round were Unitus Seed Fund, Geoff Wooley of Patamar Ventures, Rajeev Madhavan of Clear Ventures and some silicon-valley based investors.

In 2015, the driver service provider DriveU was founded by Amulmeet Chadha, Ashok Shastry and Rahm Shastry. The startup offers drivers on rent on an hourly basis through its application and platform. The startup claims to have about 6,000 drivers and plans to expand it by 10,000 by the end of this year. The startup is currently operational in Delhi-NCR, Bengaluru, Chennai, Hyderabad, Pune and Mumbai.

Rahm Shastry said, "We are operating in six cites right now, doing about 1,000 trips a day. We plan to expand to another four to six cities while also growing vertically in these cities and investing in technological innovations."

In 2016, the startup also raised seed funding of $1 million from Unitus Seed Fund.

In this market, the startup has made three acquisitions that are CallAtHome, DriversKart and Zuver.

Please add your Comment
SIMILAR News
May 28, 2018
Netree has also tied up with an Airtel payment bank to facilitate this ...More
By Sanjana Surbhi
May 28, 2018
Amazon is expected to co-create financial products with the insurance tech start-up, besides being i ...More
By Sanjana Surbhi
May 28, 2018
As CFO, Balakrishnan will also be in charge of the dividend RBI pays to the government ...More
By Sanjana Surbhi
May 28, 2018
Angel investors will have to fulfil some prescribed criteria ...More
By Sanjana Surbhi
May 28, 2018
Company shares have gained nearly 35% this year ...More
By Sanjana Surbhi
May 25, 2018
The stock dropped 6.56 percent to settle at Rs 288.95 on BSE ...More
By Sanjana Surbhi
May 25, 2018
This was not the first time when Uber made profit quarterly ...More
By Sanjana Surbhi
May 25, 2018
Airtel Payments Bank was the first payments bank to start operations in India ...More
By Sanjana Surbhi
May 24, 2018
The expansion is a part of Transamerica deal with over 430 employees joining the company ...More
By Sanjana Surbhi
May 24, 2018
SoftBank had invested $2.5 billion in Flipkart last year ...More
By Sanjana Surbhi
May 23, 2018
The approval is subject to compliance of "certain modifications" ...More
By Sanjana Surbhi
May 22, 2018
It claims that Google unlawfully collected people's data by using iPhone's default setting ...More
By Sanjana Surbhi