Thailand-based peer to peer car-sharing platform Drivemate, has secured US$2.2 million in a Series A round led by Netsol Technologies Inc, a Nasdaq-listed IT and enterprise software solutions provider in the US. Other investors including Isuzu, UNT Group, and Colopl Next also participated in the round, which brings Drivemate’s total funding to US$2.8 million.
Silratth Sukwatthanasiri,CEO and co-founder of Drivemate
Founded in 2016, Drivemate is one of the leading peer-to-peer car-sharing services in Thailand. The company has more than 9,000 rental cars in all ranges of cars and a presence in over 45 provinces. It will use the additional funds to further develop its platform and integrate its infrastructure with Netsol’s Otoz mobility platform.
Otoz will permit Drivemate to apply emerging tech like blockchain, internet of things, and machine learning to functions such as logging car histories, tracking customer transactions, implementing dynamic pricing, managing inventory, and monitoring driver behaviour and vehicle usage.
The Otoz team will support Drivemate’s platform with a specific emphasis on efficiency, security, and scalability, according to a statement. Going forward, Netsol will also provide the startup with a product roadmap to address future areas of focus for tech development.
The car-sharing firm said it also plans to use part of the proceeds from its latest funding round to bankroll its expansion into other Asian countries such as China, Singapore, and Australia.
Silratth Sukwatthanasiri,CEO and co-founder of Drivemate commented in an interview with Thailand Startup
News, “This latest funding provides Drivemate with the necessary capital and technology to both increase our leadership position in Thailand
as well as expand our operations into other international markets.”
Drivemate, which connects vehicle owners with renters, claims to have over 10,000 vehicle options and 50,000 members on its platform. It also said it has about 100,000 monthly active visitors on its website and plans to double all figures before the end of 2019.