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News - July 22, 2021

Singapore startup that aims to be the Airbnb for cars nets $3.2m in pre-series A round

Singapore-based shared mobility startup, Drive Lah, has raised US$3.2 million in a pre-series A round led by KFC Ventures.

HH VC Investments and Accelerating Asia also participated in the round, along with Robin Chase, co-founder and former CEO of car-sharing firm Zipcar.

Founded in 2019, Drive Lah aims to be an Airbnb for cars, allowing people to rent a vehicle from owners who want to make money from their cars when they are idle. The company believes the solution helps bring mobility to more people while reducing the number of cars on the road.

Since its launch, Drive Lah has onboarded more than 150,000 registered users. According to the company’s co-founder, Gaurav Singhal, the platform has recorded a 10x growth since its first investors came on board in late 2019. Last year, Drive Lah acquired Smove, a Singaporean fleet-based car-sharing platform.

“The future looks exciting – the mobility market in Asia Pacific is huge and waiting to be disrupted. We recently launched in Australia and expect to expand further in the next 12 months,” Singhal said in a statement.

Apart from Singapore, Drive Lah has also entered the Australian market. The company plans to use the fresh capital to improve its services in the home market and strengthen its position in Australia in the coming months.

source: https://www.techinasia.com/singapore-startup-aims-airbnb-for-cars-drive-lah-raises-32m-preseries-a-round