With the UAE’s economy opening up and mobility once again on an uptick post-pandemic, Udrive, an app-based pay-per-minute car rental service, is accelerating its growth by doubling its fleet size over the next three months. It is targeting 500% revenue growth in the next 12 months, as it looks to continue disrupting the transportation market in the GCC. This follows a round of investment led by prominent regional business leaders and three venture capitalists who backed two of the region’s most recent ‘unicorn’ tech companies.
Founded in 2016, Udrive was the first to fractionalise mobility by introducing the rent-by-the-minute concept to the region – giving consumers the benefit of paying only for what they use. The company scaled quickly by focusing on the large segment (60%) of the market, made up of a digitally savvy driving age population that neither wants to own a vehicle outright, nor wants to lock up their income in a depreciating asset.
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