Monday, July 15, 2024

DriveU Revenue Growth: Jumps 50% to Rs 90 Crore in FY24

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DriveU, a driver-on-demand service provider based in Bengaluru, has had an impressive FY24. The company’s gross revenue soared by 50% to Rs 90 crore, indicating a rising demand for their services. In addition to this revenue growth, DriveU achieved a 38% increase in gross profit and reported positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and PAT (Profit After Tax) for the first time.

CEO Highlights Vision and Achievements

Ashok Shastry, the CEO and Co-founder of DriveU, expressed his excitement about the company’s recent achievements. He highlighted the company’s vision of being integral to a car owner’s journey, offering services such as hiring drivers by the hour or day, car maintenance, and deep cleaning. Shastry stated, “Our journey from inception to completing over 6 million trips is a testament to the market need, the dedication of our team, and the trust our customers and driver partners have placed in us.”

Expansion Plans for the Coming Year

Looking ahead, DriveU has ambitious plans to expand its product development, marketing activities, and driver partner network. The company intends to strengthen its teams in various areas, including technology, marketing, operations, and customer support. DriveU aims to more than double its number of driver partners to cater to the growing demand for its services across different regions.

What Does DriveU Do?

DriveU claims to be India’s largest car driver service and a super-app for car owners. The company is supported by Capria Ventures and several angel investors. DriveU has transformed how consumers hire drivers for their private cars and how businesses maintain a steady supply of professional drivers for vehicle transport. With over 8 million customers and more than 200 business clients, DriveU employs 100,000 background-verified, uniformed professional drivers and has completed over 6 million trips.

In 2021, DriveU introduced India’s first Car Ownership Super App, allowing users to book services such as general maintenance, roadside assistance, car cleaning, and more. The app rewards car owners with coins that can be redeemed for exclusive offers, discounts, or products from partner brands.

Now, DriveU revenue growth in seen significant growth and company have plans for its expansion underline the company’s commitment to enhancing car ownership experiences and meeting the increasing demand for professional driver services in India.

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