DriveU, the on-demand driver provider based in Bangalore, has raised Rs. 7 crore in a funding round from the Silicon Valley-based Stevens Creek Ventures. With the help of this latest investment, DriveU becomes one of the fund’s first portfolio company.
The funds are going to be used to consolidate its position in the existing markets and at the same time, to expand to new locations. Moreover, it will also help DriveU to move closer to the breakeven.
DriveU, is owned by the Humble Mobile Solutions. Founded in July 2015 by Ashok Shastry, Amulmeet Singh, Ramprasad Shastry, it provides a world-class, on demand, and background verified and validated driver service for both outstation and local travel.
The services, as of now, are available in six cities which includes Bangalore, Chennai, Hyderabad, Pune, Mumbai, and Delhi NCR.
Talking about the recent investment, Basu Ullagaddi, Founder & General Partner at Stevens Creek Ventures, said, “DriveU has demonstrated that there is a need for its unique service offering to both consumers and businesses. We are impressed with its singular focus on growth while paying attention to unit economics – which we believe is key to building a sustainable enterprise,”
He further added, “With its current growth curve and unit economics, we have no doubts that it will become profitable very soon. While I have personally invested in DriveU at its seed stage, our newly minted fund decided to invest in DriveU as its first portfolio company.”
DriveU has also acquired three startups in the same segment, to maintain and strengthen its position in the market. These startups are Zuver, DriversKart, and CallAtHome.
Picture Credits: DriveU