Driver-on-demand services provider DriveU's FY24 gross revenue climbs 50% to Rs 90 crore

Bengaluru-based driver-on-demand services provider DriveU today said it has completed a successful fiscal year 2023-24, marked by remarkable growth and profitability.

In FY24, DriveU's gross revenue surged by 50% to Rs 90 crore, reflecting an increasing demand for its services.

Additionally, the startup's gross profit increased by 38% while achieving for the first time positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and PAT (Profit After Tax).

CEO highlights vision and achievements

"We are thrilled to announce our earnings for the last fiscal year. We have taken a significant step towards our vision of being part of a car owner’s journey, whether it’s hiring a driver by the hour or for a day, car service, or a deep clean," said Ashok Shastry, CEO and Co-founder of DriveU.

“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

DriveU plans to significantly expand its product development, marketing activities, and driver partner network this year.

The startup will also strengthen its teams across various disciplines, including technology, marketing, operations, and customer support. It expects to more than double its driver partners to meet the increased demand for its services across all geographies, as per the company's statement.

What does DriveU do?

DriveU claims to be India’s largest car driver service and a super-app for car owners. Backed by Capria Ventures and a group of angel investors, DriveU has revolutionized the way consumers hire drivers for their private cars and how businesses maintain a strong, reliable supply chain of professional drivers to transport vehicles.

The startup boasts over 8 million customers and more than 200 businesses, served by 100,000 background-verified, uniformed professional drivers, having completed over 6 million trips.

In 2021, DriveU launched India’s first Car Ownership Super App, allowing users to book services such as general maintenance, roadside assistance, car cleaning, and more. DriveU rewards car ownership by enabling car owners to earn reward coins that can be immediately redeemed for exclusive partner offers, discounts, or products.