Total amount raised
$9 Millions
Latest funding date
11/1/2018
Location
DRIVEU has successfully raised funding through multiple rounds, attracting a diverse group of investors including CreedCap Asia Advisors and Stevens Creek Ventures. The company offers on-demand drivers for various needs, such as daily commutes and corporate meetings.
Keep reading to explore the intricacies of DRIVEU's fundraising journey and the investors backing this innovative platform.
What Is DRIVEU?
DRIVEU, founded on July 17, 2015, is headquartered in Bengaluru, Karnataka, India. The company was established by Amulmeet Chadha, Ashok Shastry, and Rahm Shastry.
Specializing in on-demand driver services, DRIVEU caters to both consumers and businesses. Their offerings include daily commutes, airport transfers, and corporate meetings.
With a team of 51-100 employees, DRIVEU also provides car cleaning, maintenance, insurance renewals, and a rewards system called DriveU Coins.
How Much Funding Has DRIVEU Raised?
- Seed Round
- Amount Raised: $4M
- Date: November 2015
- Lead Investors: Capria Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial development and market entry.
- Seed Round
- Amount Raised: $1M
- Date: February 2016
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Early-stage growth and operational scaling.
- Seed Round
- Amount Raised: $3M
- Date: March 2018
- Lead Investors: Singhal Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Scaling operations and expanding services.
- Venture Round
- Amount Raised: ₹70M (approximately $1M)
- Date: November 2018
- Lead Investors: Stevens Creek Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Geographical expansion.
Total Amount Raised: $9M
Current Valuation: Not publicly disclosed
Key Investors
- Stevens Creek Ventures
- Details: Stevens Creek Ventures is a California-based investment firm with a focus on technology-based companies. They aim to support businesses targeting the bottom-of-the-pyramid segment.
- Investment Focus Areas: Technology, social impact, emerging markets.
- Notable Investments: DRIVEU, [Other notable investments not publicly disclosed].
- Singhal Foundation
- Details: Singhal Foundation is led by Amit Singhal, a former Google and Uber executive. The foundation focuses on supporting innovative startups and impactful ventures.
- Investment Focus Areas: Technology, innovation, startups.
- Notable Investments: DRIVEU, [Other notable investments not publicly disclosed].
- Capria Ventures
- Details: Capria Ventures is a global investment firm that partners with fund managers to invest in early-stage companies. They focus on scalable and impactful businesses.
- Investment Focus Areas: Early-stage companies, scalable businesses, impact investing.
- Notable Investments: DRIVEU, [Other notable investments not publicly disclosed].
- Unitus Seed Fund
- Details: Unitus Seed Fund is an early-stage investment firm that supports startups with scalable and impactful business models. They have a strong focus on social impact.
- Investment Focus Areas: Early-stage startups, social impact, scalable businesses.
- Notable Investments: DRIVEU, [Other notable investments not publicly disclosed].
- Amit Singhal
- Details: Amit Singhal is a former Google and Uber executive who has invested in various innovative startups. He is known for his expertise in technology and business strategy.
- Investment Focus Areas: Technology, innovation, startups.
- Notable Investments: DRIVEU, [Other notable investments not publicly disclosed].
What's Next for DRIVEU?
DRIVEU is poised for significant growth, with opportunities to expand geographically and enhance its service offerings. The company currently operates in six major regions in India and has served over 600,000 trips, indicating a strong market presence. By increasing the number of trips and customer base, DRIVEU can further solidify its position in the on-demand driver service industry.
Future fundraising opportunities are likely, as DRIVEU may attract additional mezzanine financing or venture capital rounds. Investors interested in technology and urban mobility solutions could see DRIVEU as a promising venture. However, the company will need to navigate challenges such as competition from other on-demand services and regulatory compliance to maintain its growth trajectory.
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