27 March 2018, India:
DriveU has raised $3 million in pre-Series A round of funding. The funding round was led by Singhal Foundation. Unitus Seed Fund, Geoff Wooley of Patamar Ventures, Rajeev Madhavan of Clear Ventures and few Silicon Valley-based investors also participated in the funding round.
The startup will use the fresh capital to strengthen its operations in its existing markets. The startup will also use the funds for expansion into other markets.
“DriveU, having grown at 16% month-over-month since inception has recently witnessed accelerated growth. The funds will allow us to further expand our reach and offerings to our customers,” said Ramprasad Shastry, CEO of DriveU.
Ramprasad Shastry added, “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.”
“DriveU has demonstrated a deep commitment to enabling good wages for numerous underprivileged individuals. Their business is growing at a strong pace while maintaining positive unit economics, which is key to building a successful company,” said Dr. Amit Singhal of Singhal Foundation.
Singhal Foundation was founded by Dr Amit Singhal.
DriveU was founded by Ramprasad Shastry, Ashok Shastry, and Amulmeet Singh Chadh in June 2015. It is a professional driver providing agency. The startup is operated by Humble Mobile Solutions Pvt. Ltd.
(Image – Justdial)