Start-up DriveU to raise ₹30 cr in Series A funding

| Updated on: Jan 12, 2018

Forges 3-year partnership with McDowell’s No. 1 soda to launch ‘Share’ feature

On-demand private driver service start-up DriveU, which has raised over ₹7 crore in seed funding from Unitus Seed Fund, is preparing to close Series A funding of ₹30 crore by March/April, said a top executive from the start-up .

DriveU has partnered with McDowell’s No.1 soda, manufactured by United Spirits Ltd, to launch a new feature in the DriveU app called ‘Share’, through which friends can commute together and share cost of the trip. Through this three-year, revenue-sharing partnership, Mc Dowell’s No. 1 soda will provide marketing support via TV, radio and digital advertising. .

In addition, peer-and celebrity-level influencer and advocacy campaigns will be rolled out, with celebrity drivers championing for the new feature.

“This partnership has opened up investor interest as it will help us scale our business. We are looking to close a Series A round of ₹30 crore by March/April” Ramprasad Shastry, CEO of DriveU, told BusinessLine . “Through this partnership, we plan to grow our business ten-fold over the next year and increase our user base to meet our revenue targets,” he said.

Subroto Geed, Senior Vice President – Marketing, at United Spirits Limited said: “ Through the ‘Share’ feature, we will be able to provide an avenue for friends to spend quality time together while travelling.”

Published on January 24, 2017
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