Wed, 29 Nov 2023

Drive mate secures strategic investment from ComfortDelGro

PR Newswire
30 Oct 2023, 21:29 GMT+10

MELBOURNE, Australia, Oct. 30, 2023 /PRNewswire/ -- Drive lah, the parent company of Australia's Drive mate, has successfully closed an investment round worth AUD 7.9 million. Leading the pack is ComfortDelGro (CDG) with a significant investment of AUD 3.2 million, positioning them as both the principal investor and the preferred fleet partner for Drive mate. This investment showcases strong market confidence and aligns well with company' aspiration to redefine urban mobility across the APAC region, fostering continued growth and potential for shared mobility solutions in Singapore, Australia and beyond.

Established in 2019 as Drive lah in the Asia Pacific (APAC) region, we quickly made waves with our asset-light car sharing approach, connecting enthusiastic drivers to nearby vehicles and offering car owners a lucrative opportunity to earn. Noteworthy milestones include garnering over 200,000 registered users, listing more than 2,000 cars, and experiencing a tenfold growth after partnering with our initial investors in early 2020.

Supported by Haymarket HQ, we ventured into Australia in 2022 as Drive mate. Our growth trajectory outstripped our initial phases in Singapore, underscoring the platform's adaptability and universal appeal. Now, with the robust backing of ComfortDelGro (CDC Australia), we're primed for an impactful expansion phase, focused on the Australian market.

As the leading investor and a fleet partner, ComfortDelGro's collaboration with Drive lah will be a holistic one, with a focus on car connectivity and navigation technology as well as supplying vehicles to Drive mate's platform. The collaboration will start this quarter in Sydney and Melbourne, with ComfortDelGro Corporation Australia progressively supplying up to 3,000 vehicles to the Drive mate platform, supporting the increase in demand for car sharing services in Australia.

ComfortDelGro Corporation Australia Chief Executive Officer, Mr Nicholas Yap, said: "As a lead investor and fleet partner, our collaboration with Drive mate will allow the two companies to shape urban mobility, particularly in Australia where we have a strong foothold operating buses, taxis and non-emergency patient transport. We look forward to working closely with Drive mate to enable seamless experience for the car owners and seekers on the car-sharing platform."

Mr Dirk-Jan ter Horst, co-founder of Drive lah, remarked: "Australia's swift embrace of Drive mate underscores the potential of shared mobility in this vast and diverse market. Our success here is only the beginning, and with strategic investments and partnerships, we are poised to redefine transportation in the country, setting a benchmark for others in the APAC region."

His co-founder, Mr Gaurav Singhal, added: "The future of mobility is interconnected. We're gearing up to lead the transformation towards a more connected and efficient transportation ecosystem in APAC. This success of this investment round is a testament to our shared commitment with our investors and strategic partners towards innovation and excellence."

About Drive lah / Drive mate 

Drive lah, known as Drive mate in Australia, stands at the forefront of the shared mobility sphere as a pioneering car sharing marketplace. With a solid footprint in Singapore and Australia, Drive lah is steering the shared mobility narrative towards more sustainable and community-centric models. The platform empowers car owners to monetise their vehicles during idle times, while offering renters a diverse selection of vehicles at competitive rates. Bolstered by a robust technology infrastructure and an intuitive user interface, Drive lah is altering the way individuals access and share vehicles. Drive lah's commitment to sustainability, authenticity, and innovation extends beyond immediate geographies as it envisions to becoming the preeminent shared mobility solution across the Asia-Pacific region. Drive lah successfully raised US$3.2 million from its pre-series A round in 2021.



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