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
September 24, 2018
Tata Steel will pay $595-650 million for Usha Martin's steel business in cash. ...More
By Vaishnavi Gupta
September 22, 2018
The startup is planning to use the funds to primarily expand operations. ...More
By Vaishnavi Gupta
September 21, 2018
Atman's Founder Chinmay Mirji will join Bengaluru office of HSA as a partner. ...More
By Vaishnavi Gupta
September 21, 2018
In the first year of the partnership, Torino Motors will open 40 exclusive stores for TVS Motor in M ...More
By Vaishnavi Gupta
September 20, 2018
Samara Capital is acquiring 51% stake while the remaining 49% would be acquired by Amazon. ...More
By Vaishnavi Gupta
September 20, 2018
With this acquisition, Jain Irrigation's water management technology product offerings will expand. ...More
By Vaishnavi Gupta
September 18, 2018
Walmart-owned Flipkart is in talks to acquire a stake in Hotstar, Star India’s video streaming servi ...More
By Vaishnavi Gupta
September 18, 2018
UberEats has tied-up with Tata AIG for offering comprehensive insurance covers to its delivery execu ...More
By Vaishnavi Gupta
September 17, 2018
Fluido is the second entity which will be acquired under the leadership of Salil Parekh. ...More
By Ritu Marya
September 14, 2018
The move will ramp up its online grocery business in Mexico and Chile. ...More
By Vaishnavi Gupta
September 13, 2018
The raised funds will be used to build the brand, expand distribution, and increase product offering ...More
By Vaishnavi Gupta
September 12, 2018
It is an all-cash deal, however, the company has not disclosed the financial details of the transact ...More
By Vaishnavi Gupta