DriveU, the #1 provider of driver-on-demand services in India, completed a successful fiscal year 2023-24, marked by remarkable growth and profitability.
In FY24 DriveU recorded significant milestones across key financial metrics. The company’s Gross Revenue surged by 50% to ₹90cr, reflecting an increasing demand for its services. Gross Profit increased by 38%, while achieving for the first time both EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and PAT positive (Profit After Tax), underscoring the company’s strong market traction.
“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, dedication of our team and the trust our customers and driver partners have placed in us. “
This year, DriveU plans to significantly expand its product development, marketing activities and driver partner network. The company will also strengthen its teams across various disciplines, including technology, marketing, operations, and customer support. DriveU expects to more than double its driver partners to meet the increased demand for its services across all geographies.
Since inception, DriveU has consistently demonstrated strong financial and operational excellence. The company’s user-friendly mobile app and a robust, innovative backend system have enabled it to deliver high-quality service at scale and maintain a superb customer satisfaction record. DriveU NPS (Net Promoter Score) is a solid 60, which is considered world-class in marketing parlance. DriveU is ready and well-placed to take advantage of the increased demand for on-demand driver services in India. This fiscal year, DriveU will continue to further enhance its tech infrastructure, expand its service offerings, and further optimize its operations for better user experience.