UAE Car Rental Startup Udrive Secures $5M Bridge to Fund Expansion
The incursion will enable Udrive to better systematise its user interface with immediate and secure payment methods.
UAE-based tech-powered car rental startup, Udrive, has secured a $5 million bridge round backed by India-based investment company, Cultiv8, alongside Oman Holding International.
Established in January of 2017, the enterprise is the first platform in the GCC to facilitate pay-per-minute car rentals, providing its services in major Gulf cities including Dubai, Sharjah as well as Abu Dhabi.
What ultimately sets Udrive out from other car rental tech startups is its comprehensive user interface, or in other words, an all-inclusive digital hub for private transport, swift e-payments, customer service as well as overall management requirements. Through the Udrive app, drivers can pre-book cars for their short-term and long-term trips from any location and proceed to drive off.
The new funding will be put toward upcoming expansion plans as well as technological advancements. With that in mind, Udrive will be placing ample focus on systematizing the customer experience with hassle-free automatic payment systems in place. These new plans include integrating software that immediately detects when the car has been parked and deducts payments accordingly.
Owing to the booming car rental industry which is expected to amount to US$ 186.59 Billion by 2030,
Udrive recorded strong growth in 2021, becoming one of the largest car rental platforms in the region, with over two million trips under its belt.
The company has already managed to reduce costs and protracted waiting times, with plans to continue with the necessary technological advancements required to remain that way. The enterprise also supplements short-term rentals with free fuel, parking as well as insurance, and caps on daily rentals; flexibly accommodating to customers’ needs.
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